Buy Sun Pharma 700 Put, Ashok Leyland 92.5 Call: VK Sharma

VK Sharma, Head Private Broking & Wealth Management at HDFC Securities told CNBC-TV18, "Sun Pharmaceutical Industries has seen shorts being built to the extent of 12 percent in the series. The stock is down 6 percent and still some more weakness is in store. I am suggesting to buy the 700 Put at around Rs 18, stop loss at Rs 13 and a target of around Rs 26." "On the contrary, on the buy side I find myself sitting along with other technical people you have on board in terms of recommending a buy on Ashok Leyland. I am suggesting to buy the 92.5 Call at around Rs 3, very tight stop loss at Rs 2 with a target of around Rs 5 because we have seen the positions being built and the stock doing well for itself around 7 percent and this is a stock which has done for itself moving against the grain of the market," he said."Between HPCL and Power Finance Corporation (PFC), you would like to choose PFC as a shorter bet. I am suggesting to buy the 115 Put in case of PFC with a price of Rs 3.8, stop loss at Rs 2.5 and target of around Rs 7.""As compared to this, HPCL which is a slightly largecap stock and which has not done well in this series per se, some shorts have been built, but that is if you have to choose one stock to go short, PFC is a better one as compared to HPCL though HPCL can be used to protect ones stock that one holds in terms of buying the 432 Put at around Rs 10, stop loss at 7 and target of around Rs 16."