Buy Maruti 3900 Put, sell BOI, Idea may hit Rs 85: Yogesh Mehta

Yogesh Mehta of Motilal Oswal Securities told CNBC-TV18, "Arvind is quite a strong momentum stock and we have seen carnage in the Nifty but Arvind is still showing strength. One can look at buying this with a minimum stop loss of Rs 312 and if not Rs 312 then Rs 310 and looking at Rs 330 as a price target.""One can sell Bank of India (BOI). All the PSU banks are again nose diving barring one or two days before they have got a upmove. However, again the falling trend is there and Rs 93.50 to Rs 94 is the level one should look at going short keeping a stop loss at Rs 100. Target would be 83, downside will remain open," he said."Maruti Suzuki has entered in negative territory below Rs 4,180-4,170 level. So, if at all if anybody wants to get in to the trade then one can look at buying Puts rather than going short because currently risk reward ratio does not match. So, one can go for a 3,900 Put option to buy.""Idea Cellular seems to be on a weak side and Bharti Airtel post numbers is going down. However, Idea seems to be at Rs 103-104 in futures. Keep stop loss of Rs 110 and we can look at severe downside into that. Probably, you can see Rs 85 odd levels on the downside. So, that can be looked at going short or buying 100 Put options for this month that would be advisable for conservative trends."