Buy Sun Pharma 840 Put, says TS Harihar

TS Harihar of HRBV Client Solutions told CNBC-TV18, "In Sun Pharmaceutical Industries especially after the very sharp 16 percent correction that we saw, we believe that the downside risk has been a little overdone. So, what we are doing is we are buying August Futures at Rs 836 and also buying 840 Put option to protect that at Rs 35.""The reason we are buying 840 Put rather than an out of the money Put is that the cost benefit is much more favorable in the 840 Put. So this typically makes you profitable above Rs 871 and the maximum loss in this strategy would be about Rs 31," he added.Disclosure: Neither the analyst nor his company has an exposure to the stock.