Book some profits in Essar Oil: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "Essar Oil has given a strong breakout. The volumes have been quite phenomenal. The right way to play this stock would be to book some profits at these levels and keep the trailing stop loss at Rs 170. If Rs 170 is breached on the lower end, then I feel it can again fall back to Rs 160-155. It closed above Rs 165-170 and that is something that is holding onto this stock. Yesterday also, the stock witnessed correction but it did not breach Rs 170 decisively and again bounced from those levels."

"We might again see some higher levels. If Rs 200 is breached, it can again see another five to eight percent, 10 percent is also quite possible. So, I would recommend booking some profits and then keep trailing stop losses. Right now, the stop loss can be trailed at Rs 170. If the stock touches Rs 200 kind of levels, then the stop loss should be trailed to Rs 185. And as and when this stock goes up, keep trailing stop losses. That would be right way to play this stock," he said.

Disclosure: Analyst has no personal holdings in the stock but it is possible that he may have recommended them to his clients at LKP.