Buy M&M 880 put, sell 860 put: Bhavin Desai

Bhavin Desai of Motilal Oswal told CNBC-TV18, "The range is something that we are trying to trade for Mahindra and Mahindra (M&M). At the upper end of the trading band here on M&M we have seen some price action since morning. About 7-8 percent increment in the open interest from the short side as well, so taking our chances there on the M&M stock and doing this via an out-of-the-money bear spread.”

“This can be executed via taking a long position in 880 Put option and simultaneous short position in 860 Put option keeping an absolute stop loss of about Rs 1,000 and an absolute profit target of about Rs 3,000."