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Last Updated : Jan 23, 2018 11:49 AM IST | Source: CNBC-TV18

Buy Hindustan Zinc, Federal Bank; sell Asian Paints: Gaurav Bissa

Gaurav Bissa of LKP Securities is of the view that one can buy Hindustan Zinc and Federal Bank and can sell Asian Paints.

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Gaurav Bissa of LKP Securities told CNBC-TV18, "There are stocks that are giving good breakouts which are giving recent data. The first one would be Hindustan Zinc. It has not performed that well. It has just bounced from medium support of Rs 292-293. With 6 percent open interest addition today, long positions have been seen getting build. 300 Call option has the second highest OI concentration. It is trading more or less above those levels."

"If it sustains these levels I would not be surprised with Rs 310-312 kind of levels coming in a day or two. One can have a stop loss of Rs 295, now it has moved up quite a bit so one can have a stop loss of Rs 295 play for target of Rs 310."

"Second would be buy on Federal Bank, 100 Put options has the second highest concentration. The stock has been bouncing for last 2-3 days from exactly those levels. One can have a stop loss of Rs 101-101.50, play for target of Rs 106.5."

"The sole sell recommendation would be sell on Asian Paints, 6 percent OI addition of short positions have been seen getting build to the tune of 6 percent in last two days. Rs 1,180 is a very strong resistance now, so any jump towards Rs 1,160-1,168 can be used to build fresh short positions. Our target would be Rs 1,145 and stop loss would be Rs 1,180," he said.
First Published on Jan 23, 2018 11:49 am
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