Buy Asian Paints, HCL Technologies: Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "We are buying the 1,140 Call option of Asian Paints because I think it has formed a good base at Rs 1,100. For the last five weeks it has been trading above Rs 1,100 and before that for the previous two months that was a very stiff resistance. So, that means possibly some kind of base formation has already happened at Rs 1,100 for Asian Paints and that is the highest Put base also."

"In the start of the series, we saw that 1,140 Call strike was the highest and that is why I think the Call writers were little active initially which have clearly got stuck up like Nifty. It has closed at Rs 1,158 in the last session. So, I think it is possible that these positions will start getting transferred to higher strikes. We have already seen that move to 1,200 Call strike. So, I think Asian Paints' move beyond Rs 1,200 is very much likely in this particular series, so, it is better if you buy the Call options of the stock," he said.

"Another one we are picking from the IT pack is HCL Technologies. If you see the positions in the options, 860 Put strike has become the highest and it is only trading near Rs 865-868. So, what we are doing, we are initiating buying positions of in-the-money 860 Call strike only for HCL Technologies which is available near Rs 22-24."

"I believe that this stock can possibly move beyond Rs 900. Since the last one year, Rs 860 had remained a very stiff resistance, but whenever it was falling, it was forming the higher bottoms, like Rs 750, Rs 785 and then Rs 815. So, I think there is some accumulation pattern in HCL Technologies and it can move beyond Rs 900 in this particular series. So, these two Call options we are buying for June series," he added.