Buy Idea Cellular, Jet Airways; sell Lupin futures: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "For stocks there is a lot of opportunities. One of them would be Idea Cellular. We have seen a lot of short positions getting built. There is some short covering that is clearly seen in the name. 80 Put option used to have very high concentration, which is now trading above Rs 80. There is a possibility Rs 79-80 would now act as a strong support for target of Rs 87-88. However, for short term trading one can buy with a stoploss of Rs 79 for target of Rs 84-85."

"Second would be buy on Jet Airways. We have seen the stock coming out of a short term consolidation. Lot of long positions are seen getting built, almost on the verge of good breakout on daily charts. With a stoploss of Rs 548 one can buy for target of Rs 575."

"Sell Lupin futures. There is some unwinding happening at Rs 1,150-1,140 levels. Shorts are getting built into the system. It has given a swing low, so there is a possibility of Rs 1,100 kind of levels coming in. With a stoploss of Rs 1,138 one can sell Lupin futures," he said.