Buy Indian Oil Corporation 430 Call: VK Sharma

Head of Business - Private Client Group at HDFC Securities told CNBC-TV18, "Indian Oil Corporation (IOC) is a buy on current price. We have seen positions being built to the extent of 13 percent in open interest (OI). The stock has done really well, going up 19 percent in the series. Yesterday also although open interest was reduced, the stock went up by around 3 percent."

"So, I am buying the 430 Call at around Rs 6, stop loss at Rs 4 with a target at around Rs 9. This is a company which is going to see expansion of the other refinery in Eastern India which will essentially flow through in the current year. So, fundamentally also it is better placed as compared to other oil marketing companies (OMCs)," he added.