Buy Castrol; short LIC Housing Finance, Biocon: Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "On the buy side, one can look at Castrol India which I think is coming closer to good support levels. One can buy the stock near Rs 445-450. My belief is couple of times the promoters have sold their stake, but now the promoters stake is close to 50-51 percent. From there onwards, we are not seeing that kind of risk coming into the stocks however what we have observed in the last two or three series because of these events the short positions have really piled up." "Almost 113 percent of open interest (OI) increase has been seen in the last couple of series. My sense is that near these levels, as the stock has the support now near to the current level, the short closer should start coming up now. So, in the month of November also, I think the stock should start moving up from the support of Rs 455 or 450 and should move towards Rs 490 levels. So, this stock can still be looked at," he said. "Stocks like LIC Housing Finance or Biocon can be looked at to go short. We believe that LIC Housing Finance can slip towards Rs 565 and we can keep a stop loss near Rs 602. The reason is very simple of the long liquidation that we are seeing in the stock." "The other is Biocon, I am not negative in pharmaceutical pack. Glenmark Pharma is still looking positive but Biocon is little different in the pharma pack. It was performing when the other stocks were not performing and now near Rs 1,000 we are seeing the Call writers."