Go long in Cipla 640 Put, advises Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "One can buy Cipla 640 strike Put option. If you look at the open interest (OI) data for last two-three trading sessions, post the expiry there has been long unwinding which put some amount of pressure. This is a very dangerous kind of pattern in F&O space, so whenever something like this is seen, individual stocks have moved down by 4-5 percentage points. Similar can be seen in Cipla. So, I recommend going long at 640 Put for target of Rs 30 and above, one can keep a stop loss of Rs 10."At 12:29 hrs Cipla was quoting at Rs 658, up Rs 7.95, or 1.22 percent. It has touched an intraday high of Rs 662.40 and an intraday low of Rs 655.10.