Buy Godrej Consumer, Indo Count; short IGL: Amit Harchekar

Amit Harchekar of A Plus Analytics told CNBC-TV18, "First stock would be a buy on Godrej Consumer Products. Good thing about this stock is even after recent decline we have not see any cut of open interest on the derivative front. Previous breakout of Rs 1,460 is holding quite well. So, we are expecting the stock to form a higher high around Rs 1,590 to Rs 1,600. People who have long positions initiated current level should maintain a tight stop loss of about Rs 1,480." "Second call would be a buy on Indo Count Industries which is the recent addition in Futures and Options pack. We believe a good base build up has happened between the zone of Rs 880-900 and since we are seeing positive divergence on the relative strength index, we are expecting a strong pull back towards Rs 1,000 levels. So, we would recommend going long even at current level; Rs 875 should be the stop loss on intraday basis," he said."Third stock would be going short on Biocon. Again, we have seen cut off nearly 8 percent of open interest in the last 15 trading sessions and this indicates long positions which were created between the zone of Rs 680-650. So we are expecting the stock to also again move lower and test levels of around Rs 680. Stop loss for short-trade would be at Rs 740." "Last trade would be going short on Indraprastha Gas Futures. We believe on weekly chart, this stock has formed a bearish wedge and weekly resistance turns out to be around Rs 640. We would recommend going short even in IGL Futures with a stop loss of Rs 640 and we are expecting price to correct towards Rs 575-583."