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Last Updated : Nov 28, 2017 12:24 PM IST | Source: CNBC-TV18

Buy Lupin, Adani Power; sell PVR: Gaurav Bissa

Gaurav Bissa, Derivatives Analyst at LKP Securities is of the view that one can buy Lupin and Adani Power and can sell PVR.

CNBC TV18 @moneycontrolcom

Gaurav Bissa, Derivatives Analyst at LKP Securities told CNBC-TV18, "My first recommendation would be buy on Lupin December series futures. We have seen short exhaustion coming clearly in the name. It has a good base formation, short term base formation so to speak at around Rs 825-826. It has already moved up a bit. So any dips toward Rs 840 can be bought with a stop loss of Rs 827-828 and target of Rs 880."

"The stock has seen good amount of long positions today, around 7-8 percent open interest addition."

"Second would be a sell call on PVR December series future. 7-8 percent open interest addition was seen in last three to four days and the stock is struggling to find any move above Rs 1,300 levels. Using Rs 1,315 as a stop loss one can sell PVR December series future for target of Rs 1,275."

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"Last recommendation would be on Option Call, a buy on Adani Power December series of 40 strike Call option. The reason being that 35 Call option command the highest OI concentration for six months in a row. It is now trading above those levels comfortably. There is a breakout on the daily charts and OI addition of 20-25 percent in last two trading sessions."

"All of this indicates that there is a strong upside that we can see in December series. I would not be surprised if this stock touches levels of Rs 39-40. On that premise one can buy 40 Call option with a small stop loss of Re 1 and play for targets of Rs 3-3.5," he added.

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First Published on Nov 28, 2017 12:22 pm
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