Buy ITC, HUL: Amit Harchekar

One can buy ITC and Hindustan Unilever, says Amit Harchekar, IIFL.

Harchekar told CNBC-TV18, "I think there is a good opportunity to short bank index at current levels. The target for the Bank Nifty in the short-term is placed close to 9,000 and resistance I am saying close to 10,600-10,700. The large banking stocks like ICICI Bank, State Bank of India are turning weak. They have broken down their key support levels and they are unable to bounce back and move above the resistance zone. Even the oscillators are indicating that still the bottom is yet to be confirmed. So the view is again bearish on these counters."

He further added, "For buying I would suggest only CNX Pharma as well as CNX FMCG stocks. So ITC, Hindustan Lever becomes a good buy, while large caps like Reliance, State Bank or ICICI Bank I believe they are a good candidate for short selling."