Buy Sun Pharma 840 Call, ONGC 245 Call: VK Sharma

VK Sharma of HDFC Securities told CNBC-TV18, "Oil and Natural Gas Corporation (ONGC) is slightly a contrarian call. I am not so much convinced about the oil going up yesterday but the fact that Iran, which is expected to pump in lot of crude in 2016, the plans might get delayed because US has put fresh sanctions, so the entire deal could be - there are question marks again on this, so that could make the crude rally for a while and based upon that there is a short-term call on ONGC and look at buying 245 Call at Rs 4.2, stoploss at Rs 3 and target around Rs 7."He further added, "Sun Pharmaceutical Industries is a slightly contrarian call although there is bad news here but I have modified my strategies based upon the news and the news pertains to Sun Pharma Advanced Research Company but it relates to Sun Pharma at a later date. Therefore, I am suggesting buying 840 Call around Rs 9. It closed at Rs 14. So this call to be available at 9, the stock will have to fall a lot and therefore, accordingly at that point of time it will be priced in, so buy 840 Call at Rs 9 with a stoploss at Rs 5 and target around Rs 18.""This pharma per se will continue to do well in 2016 and fundamentally also whatever the disadvantages of Ranbaxy priced in and now whatever positives, will continue to flow in '16 and '17," he said.