Godrej Consumer looks good in FMCG space: Harchekar

Godrej Consumer Products is looking good in FMCG space, says Amit Harchekar, IIFL.

Harchekar told CNBC-TV18, "At this point one should focus more on the large caps because we have seen clear distribution in most of the infra midcaps and some of the IT midcaps. So the only sector from midcap perspective would be FMCG midcap like Godrej Consumer Products can perform well. While the selling pressure can aggravate further in the stocks like HDIL or IVRCL Infra." He further added, "I would take the infra story more as a shorting opportunity, HDIL continues to be weak below the Rs 85 levels and the stock is likely to head towards Rs 76 to Rs 74 in the short-term. That becomes a good sell. Same for IVRCL Infrastructure, ones it manages to pull back towards Rs 45-46 zone, it becomes a good short candidate for a target of Rs 38. So infra stocks I would be looking from shorting perspective and only FMCG stocks looking good from going long perspective." "Cipla seems to be a part of the defensive portfolio. We are seeing good pull back in most of the pharma pack. Cipla has managed to break the resistance of Rs 335 and the stock could be heading towards Rs 345-346 before it enters into a up thrust zone. So still we have upside potential of 2-2.5%. But I am not seeing rally in Cipla beyond Rs 345 in the short-term."