Buy Voltas, Hindustan Zinc may test Rs 235: Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "Ther are few stocks which can still perform towards expiry and possibly in the next series, one of them is Voltas. We have seen a very clear trend of short covering in the stock. The last couple of series have already seen 35 percent of short closers since it has moved above the Rs 320 levels and now it is close to Rs 340. So, my sense is still there is a lot of buzz in that. The delivery pickup that we have seen around Rs 325- 335 range has been higher, almost three to four months higher delivery pickup has been seen in there. So, I think the declines can still be bought in this and we are looking for a target of Rs 375 on the higher side." "Another stock may be Hindustan Zinc because if you look at the metal pack across the world, I think very few stocks are on the life highs. After JSW Steel, we have seen Hindustan Zinc which has made the life highs. It had remained lot of resilient in the previous months when we compare with the other metals stocks and the open interest in Hindustan Zinc had gone down to life lows. So, the leverage was very low from where now it was started picking up," he said. "The average price of Rs 185-188 from where the open interest has started picking up and around 25 percent of long additions have already been seen in this. My sense is that the support is still very near in Hindustan Zinc and it is possible the stock is slowly moving higher. We are targeting around Rs 235 on the higher side for the stock."