Go long in ITC 340 call, says Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "ITC has been languishing in a range. We have been selling strangles in the last two to three series, but this time around, if you look at the option data, probably on that front, I would say 330 Call and Put combined is 330 straddle that has one of the highest concentration and that was the case in last four to five series as well.""This time around, it is trading above this, indicating that Rs 330 if held, can catapult this stock towards the higher levels of around Rs 350-360. So, I recommend going long on 340 Call option for target of Rs 9 keeping the stop loss at Rs 2," he said.