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Last Updated : Jan 02, 2018 11:44 AM IST | Source: CNBC-TV18

Buy Jubilant Foodworks, Tata Power Company; short Oil India: Gaurav Bissa

Gaurav Bissa, Derivatives Analyst at LKP Securities is of the view that one can buy Jubilant Foodworks and Tata Power Company and can short Oil India Limited Futures.

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Gaurav Bissa, Derivatives Analyst at LKP Securities told CNBC-TV18, "The first recommendation would be a buy on Jubilant Foodworks. Today we have seen decent amount of long additions happening about 4 percent open interest additions and it is on the verge of a good breakout as well on daily charts. So that gives a good combination sort of for next two or three trading sessions. One can have a stop loss of Rs 1,775 and play for target of Rs 1,820. If this is crossed I would not be surprised with Rs 1,850-1,860 coming in a very short span of time."

"Second would be buy on Tata Power Company. This is one stock that has come out of the long term consolidation. It has been trading between the range of Rs 85-95. It is now trading above those levels quite comfortably. In last four trading sessions including today it has seen an addition of about 18 percent long position. So, this is a significant amount - 18 percent in four days. 95 Put option has seen strong writing in last two trading sessions. 100 Call option has a very high concentration and once that is taken out Rs 105-108 levels can be quite achievable. One can have a stop loss of Rs 95 and play for immediate target of Rs 102."

"Final and sole recommendation would be on Oil India Limited futures. We have seen 3 percent open interest addition today. Some shorts have been created at higher levels. Rs 375 is a very strong resistance, time and again at around this level, we see some sort of short positions getting build and it generally takes it towards levels of Rs 360-368. That can be used as a target and with a stop loss of Rs 376 one can be short Oil India," he said.
First Published on Jan 2, 2018 11:37 am
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