Buy ICICI Bank, Wipro; sell LIC Housing Finance: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "The first recommendation would be buy on ICICI Bank futures. We have seen a lot of selling happening in 300 Strike Put option and we have seen that private banks are not as vulnerable as what we have seen in the PSU banks. We have seen some amount of long positions also getting built in the name in last few days. So, there is a possibility that it may try to retest levels of Rs 315. With a small stop loss of Rs 304 one can buy ICICI Bank futures."

"Second would be buy on Wipro. This is another name that has not participated in the rally so far. We have seen some amount of bounce back coming in from Rs 495 zone. Some long positions were seen getting built. 520 Call option had the highest concentration for two series in a row. It is now comfortably trading above these levels. There is a breakout sort of happening in the name; with a stop loss of Rs 518 and one can play for target of Rs 540," he said.

"Sole sell recommendation would be on LIC Housing Finance. We have seen consistent short positions getting built in higher levels. It is trading below the support levels. So, with a stop loss of Rs 673, one can play for target of Rs 655."