Buy Havells, CG Power: Amit Gupta

Amit Gupta of ICICI Direct told CNBC-TV18, "For the buy side, we are recommending Havells and CG Power. If you look at Havells for the last one year, now starting from January-February 2017, we have not seen any big breakout in the stock. Rather it has been consolidating near Rs 500."

"Now if you look at GST which was near 28 percent for cables, and finally it was reduced, that is I think a good trigger for the stock and that is why it is coming out of this range now. In F&O, in futures particularly, we have seen almost 38 percent of shorts closure since the start of the series and then it remained near Rs 530-540 and now this move is coming."

"I think this is not going to stop here, it can possibly extend the move towards Rs 575-580 levels. So we should remain long in the stock. It has spent enough time and then this particular move is come in."

"In the power space, I think there are few stocks which are in the recovery phase. One of them is CG Power. It had a big fall in the last year, but then it has been slowly recovering. Now, if you look at the delivery mark up, around Rs 82-83, it was really encouraging in CG Power. We have seen almost three to four months high delivery buying and that is why I think that it remains very crucial support area now."

"On the higher side, I think it is moving towards Rs 92. So this one of those where the people are slowly, gradually forming the long positions, almost 15 percent of open interest (OI) addition we have seen in the current series and that is why I think the rollover of these positions can provide further strength and we can buy the stock even at these levels."

"On the sell side, I think private banking stocks are under some pressure. If you see, IndusInd Bank, since October series, when it came below Rs 1,700, we are seeing it has not been able to move even beyond Rs 1,680 and there is a clear long liquidation pressure in IndusInd Bank. I think it can slip towards Rs 1,590-1,600 levels. So on banking space we remain mix. Your yields are higher, so it has to happen that some mixed behaviour may be seen in the private banking or PSU banking stock. So one of them is IndusInd Bank where we are going short right now," he added.