CMP : 88 (Buy below current levels).
Holding Period : Not more than July 16th

Markets are not convincingly staying above 5300. And historically struggled to clear 5350. Unless earnings beat expectations heavily, markets are unlikely to go up.

Its not a bad idea to buy 5300 Put Option and book profits when markets touch 5250-60.

Cash Needed : 4500
Expected Target : 120
Expected Profits : 1500 Rs

PS : Options is a high risk play and not for weak hearted !