Go long in Mahindra & Mahindra 1240 Call: Gaurav Bissa

Gaurav Bissa, Derivatives Analyst at LKP Securities told CNBC-TV18, "Mahindra & Mahindra (M&M) has seen a decent amount of correction. In last few days, it has been trading in a range. If you look at the rollovers, they are lower than the averages. The positive sign is that the shorts are not being carried over. Majority of my calls are based on the rollover analysis, the data would be yesterday's closing.""If you look at the options data, 200 options generally has the highest concentration, in fact it is closing and trading above Rs 1,200 and it indicates that this level would be acting as support. It can test levels of Rs 1,250-1,260 in a span of few days. So I recommend going long in October 1,240 Call for target of Rs 50 keeping the stop loss at Rs 23," he said.