Go long in Sun Pharma 700 Put, says Gaurav Bissa

Gaurav Bissa, Derivatives Analyst at LKP Securities told CNBC-TV18, "In Sun Pharma I do feel that if you look at the fall, if you look at the open interest (OI) build up the fall started at sub Rs 800 not many people were expecting a fall or a world below Rs 800 kind of levels. This is where the short position starts building in when it convincingly broke Rs 800. The shorts continue to be form unlimited."
He further added, "Out of the money Put options are seen getting build but the fact that you have mentioned is fallen 20 percent. It again has some amount of risk, the risk of seeing this small spike up that might trigger the stoploss in futures. So, I recommend going long in 700 Put options for December series for target of Rs 35 keeping the stoploss at Rs 12.