Buy Ashok Leyland futures, sell Union Bank of India: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "My first recommendation would be buy on Ashok Leyland futures. We have seen good amount of long positions getting built. If you look at the option chain, 110 Call option commanded highest concentration for last couple of series. It is now trading comfortably above those levels. Some sort of a momentum can be seen, the stock can head towards Rs 120 in next week or so. One can have a stop loss of 109.50 and play for targets of Rs 118-120."

"Second would be sell on Union Bank of India. There is significant writing that we are seeing in 150 Call option. Whenever the stock comes on those levels, a lot of shorts are seen getting built in the futures segment also. It has broken a crucial support of Rs 145-146; using that as a stop loss, one can now play for target of Rs 139 and sell the stock," he said.