Sell Tata Steel Put at around 330-340 strikes: Amit Trivedi

Amit Trivedi, co-founder of investworks.in told CNBC-TV18, "In Tata Steel the implied volatility of options have spiked up quite a bit. So there are two ways in which one can trade this strategy. One is you just outright the sell put options of Tata Steel around 330-340 strikes. That is one strategy for a slightly conservative person."

"More aggressive traders can sell the straddle of at-the-money options and as the results come by, the implied volatility will fall and you will make money in this trade," he said.

Disclosure: Analyst has not suggested the strategies to all his clients.