Sell ICICI Bank 220 Put, 240 Call: Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "53 implied volatility (IV) for ICICI Bank is way higher than what we have seen IVs in August-September fall which suggests that it is overdone. So, I am not expecting ICICI Bank to go significantly below Rs 215-210 mark. So, I am taking risk of selling 220 Put options around Rs 6 and probably 240 Call option around Rs 2. With combined premium of Rs 8, I am expecting ICICI Bank to remain in this range. So, capitalise on the premium because IVs are quite high."At 11:28 hrs ICICI Bank was quoting at Rs 230.35, up Rs 7.65, or 3.44 percent. It has touched an intraday high of Rs 230.75 and an intraday low of Rs 224.75.