Chance to buy Reliance Natural below Rs.40?

Naked Put Option Selling Strategy:
Risky strategy provided you wish to own the stock one lot of 1788 stock around 40 rs. thats about an investment of Rs.80,000 in case the naked put is called upon.
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It had been an interesting month of Jan 2009 for Reliance Natural. It swung between Rs.50-65 in the month of Jan 2009 & on option expiry date last thursday closed around Rs.49.
What strategy can be taken for February 2009?

Are you interested in buying RELNAT below Rs.40? Try selling a naked put of 40 of RELANT above Rs.2 for February 2009 option expiry.

Most probably you may own the stock around Rs.40 by February one lot. If that does not work out option premium of about Rs.3600 is yours pocketed safely.