Go long in ITC 260 Call, Wockhardt 700 Call: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "I would recommend going long in ITC 260 Call option for target of Rs 11, stop loss of Rs 3. We have seen good amount of buying coming in. Even after the corporate action happening, we have seen incremental buying coming in and it has been trading in a range. The stock has been coming out of a range today and I expect levels of Rs 270 to be seen in the next 3-4 trading sessions. It becomes one of the stronger Nifty 50 names.""In Wockhardt, we have seen unwinding pressure being more prominent, so when it jumped from Rs 1,000 odd levels to Rs 1,030-1,035 the very same day, we saw it again coming back towards same levels of Rs 1,000. We saw unwinding coming in. We are not seeing significant short positions getting built and some amount of covering is seen. If you look at options activity, 1,100 Call option is seeing incremental buying. There is some minute amount of long positions seen getting built. So, it makes a good case for going long on option because it is a very volatile stock. One can buy 700 Call option for target of Rs 45 and one can keep a stop loss of Rs 22. It can test levels of Rs 1,050-1,060 in the next few days," he said."We have seen strong short positions getting built yesterday in Just Dial and even on intraday basis. Today we have seen a breakdown along with fresh shorts coming in. So a stop loss of Rs 533 can be kept and one can sell for targets of Rs 500."