Buy Ashok Leyland, SKS Micro; sell Aurobindo Pharma: Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "First recommendation is buy on Ashok Leyland Futures. It is a continuation calls, the stock has seen a good amount of long overall structural uptrend, a lot of option buying is seen, on three-four occasions we have seen a good amount of reversals towards Rs 95 kind of levels but Rs 95 is also evolving as a short-term base for this stock. So once Rs 100 is taken out, the swift move till Rs 105-110 in a matter of few days cannot be ruled out. So I recommend going long because position is still getting built in the stock. One can have a stop loss of Rs 94 and play for a target of Rs 105 and above.""Second recommendation is buy on SKS Microfinance. This is a stock which has seen good amount of long positions. Every dip is being utilised to buy long futures or 540-560 Call options. I would recommend going long on futures for targets of Rs 575 with the stop loss at Rs 525," he said."One can sell Aurobindo Pharma. It has seen good amount of upside, lot of longs were seen getting built but at these levels. Around Rs 735-740 there is some good deterrent which is seen. Long position has been already built and the possibility of incremental long unwinding happening makes sense for selling the stock for target of Rs 695 with the stop loss of Rs 755."