Buy L&T 1280 Put, sell 1240 Put: Krish Subramanyam

Krish Subramanyam of Altamount Capital told CNBC-TV18, "Larsen and Toubro flattered to deceive. It failed to sustain above levels of Rs 1,300. So basically, it is going into expiry, probably could shed some gains, and we are giving a bear spread here. One could buy a 1,280 Strike Put at Rs 25 and sell a 1,240 Strike Put that is quoting at around Rs 10. So, the net cost comes to about Rs 15. We could keep a target of Rs 28 and a stop loss of Rs 7.""Though Tata Steel has lost some ground in the last few days, it is now forming some sort of a consolidation. So, we feel that you could be in some sort of a range. One could probably capture some of the premium, so one could possibly do selling of a strangle. Sell 320 Strike Put at Rs 5 and also a 330 Strike Call at Rs 5. So that inflow of Rs 10 is likely to be in this range and one could keep a target Rs 3 and a stop loss of Rs 12," he said.