Buy L&T 1350 Put, sell 1250 Put: Krish Subramanyam

Krish Subramanyam of Altamount Capital told CNBC-TV18, "Larsen and Toubro (L&T) is showing signs of breakdown but in the very near term it could be a bit oversold but we feel buying of in the money Put would be better option. So we are recommending buying of 1,350 strike Put and that is quoting it around Rs 60 but one could also hedge by doing some selling off of 1,250 strike Put that is quoting around Rs 12. So the cost comes to about Rs 48. We are keeping a modest target of Rs 75 and one could keep a stop loss of Rs 24."At 13:51 hrs Larsen and Toubro was quoting at Rs 1,285.45, down Rs 25.05, or 1.91 percent. It has touched a 52-week low of Rs 1,280.30.