Here are some stock ideas from Amit Gupta

In an interview to CNBC-TV18 Amit Gupta, Head- Derivatives at ICICI Direct shared his reading and outlook on the futures and options (F&O) side of the market.Below is the verbatim transcript of Amit Gupta's interview to CNBC-TV18's Sonia Shenoy.Q: Can you take us through your top one-two stock strategies for the day ahead of expiry today?A: The selling pressure in Nifty can be seen today also because towards the later half it is possible some Volume-Weighted Average Price (VWAP) selling maybe seen in some heavyweights, particularly the private banking stocks, which can drag the market down.We are picking Kotak Bank to sell from that particular list where we believe Rs 735-740 levels on the downside can be seen. The stock has come below the October lows of Rs 770 and if you look at 40 percent addition in the last long side we had seen in this particular series when it was trading near Rs 780-800 but now the liquidation is clearly visible in this private banking space and we are not seeing the rollovers coming into December. So that is a problem for today and that is why this kind of selling pressure in terms of the closure of long positions will continue in Kotak Bank also and it can fall.The other one in the selling side -- we are keeping ITC where the shorts have been built up in the last one week or so. We have seen almost 15 percent of open interest (OI) addition in couple of sessions only in ITC that can be a major dragger for the stock. It can fall towards Rs 214 and I think Rs 229 or Rs 230 one can keep the stop loss on the higher side. 220 Put, which was the highest Put base has already seen the closure so it is possible that the stock can go below Rs 220 levels also today.In the long side, we are still positive in the pharma space or possibly some power or metal stocks can be seen. In the power, one non-banking financial companies (NBFCs) space which is Rural Electrification Corporation (REC) and Power Finance Corporation (PFC), which is still resilient, can still be looked at from the short covering perspective. We have seen the other NBFCs falling but at least PFC, REC are still holding their levels. Rs 124 for REC was the level in the month of September where four-five month high delivery buying was seen and despite all the jitters in the market, it has not come below Rs 124 levels and now it is around Rs 130-133. My sense is eventually, it is moving towards Rs 147 on the higher side.