Gaurav Bissa, Derivatives Analyst at LKP Securities suggests buying Arvind, Tata Motors and Jet Airways.
Gaurav Bissa, Derivatives Analyst at LKP Securities told CNBC-TV18, "The first recommendation would be buy on Arvind futures. We have seen 9 percent open interest (OI) addition happening today; it is a strong addition that we have seen on the long side. The stock has given a breakout on daily charts as well. One can have a stop loss of Rs 460 on the upside, target of Rs 480 can be seen."
"Second would be buy on Tata Motors. This is another name to see decent upside. 3 percent OI addition in last two trading sessions 440 Call option at the highest OI concentration in last two months and now it is trading above those levels. Option wise, there is a breakout on Tata Motors, one can have a stop loss of Rs 437 on the upside, target of Rs 458 can be seen.""Final recommendation would be buy on Jet Airways 800 Put option. The reason is that it has seen a strong up move, a 20-30 percent up move and now there are not significant long positions that we are seeing at higher levels. There is writing rather that is seen at 860-880 and above strike. So this generally implies that there will be some strong resistance at a little bit higher levels. On that premise one can buy 800 Put, target of Rs 23 and stop loss of Rs 11," he said.