F&O cues: Go long on Axis, Wipro; short straddle Nifty, L&T

Aditya Agarwal, senior derivative analyst at Way2Wealth Securities Pvt Ltd advices traders to create long positions in Wipro at the current market price, with a target of Rs 385-390. Since the stock broke its resistance of Rs 360 on Friday, Agarwal tells CNBC-TV18 that he expects this rally to continue for some more time. He maintains a stop loss of Rs 348.

He also recommends creating long positions in Axis Bank. On Friday, the stock closed around its resistance of Rs 1,100, due to which Agarwal believes the stock will break its resistance this time and can test Rs1,155-1,170 at higher levels. So with a stop loss of Rs 1,080, his advice is to create long positions with target of Rs 1,155-1,170. Vishal Kshatriya, senior derivative and technical analyst at Edelweiss recommends generating a short strangle on the Nifty.