Go long in DLF Call option: Gaurav Bissa

Gaurav Bissa, Derivatives Analyst at LKP Securities told CNBC-TV18, "I recommend going long in DLF 130 strike Call option for target of Rs 7 and stop loss of Re 1. If you look at the option chain, 120 Call as well Put combined, the straddle has one of the highest open interest concentration and it is trading just around that level, which indicates that Rs 120 should be acting as the immediate support and if this particular level is held, it may jump towards Rs 127-128. Similar scenario was seen last time as well when it was trading above Rs 120 giving the similar data. It moved towards Rs 135 kind of levels. Something similar can be seen. It is also the level from where, on a couple of occasions short covering has been triggered in this stock.""So, all-in-all, it indicates that there is some more upside that is left in this stock and we may be heading towards Rs 130 levels and that is the rationale behind going long on Call option," he said.