Go long in HDFC, says Gaurav Bissa

Gaurav Bissa, Derivatives Analyst at LKP Securities told CNBC-TV18, "HDFC has seen corrections, some amount of fresh shorts getting built. But if you look at the pattern of open interest, versus the fresh movement, it is a market favourite, so it does not see too many of shorts for a long period of time. It might be a pre-empting at these pillars and we might see some more short covering happening because there is a clearly an exhaustion scene on the short side. If you look at the roll-overs data, not aggressively, shorts were carried over and last few days also.""The stock may see a good bounce back and it may even head toward levels of Rs 1,300. I recommend going long in futures for a trading target of Rs 1,260 with a stop loss kept at Rs 1,200," he said.