Buy L&T 1,480 Put, sell 1,440 Put: Krish Subramanyam

Krish Subramanyam of Altamount Capital told CNBC-TV18, "I have a Bear Spread in Larsen & Toubro (L&T). It has not exactly participated in this last leg of the rally and it seems to be showing some weakness. So some downside could be expected. We are recommending buying of 1,480 strike Put, that is quoting at around Rs 35, also sell 1,440 strike Put, that is quoting at around Rs 20. The net cost comes to about Rs 15, keeping a target of Rs 30 and the stop loss of Rs 8.""A bullish call on GAIL India, which seems to have taken some support closer to levels of Rs 500. One could buy 500 strike Call at around Rs 15 and also sell 520 strike Call that is quoting at around Rs 8. The net cost comes to about Rs 7. We are keeping a target of Rs 14 and maybe one could keep a stop loss of Rs 4," he added.