Gupta told CNBC-TV18, "One stock one can look at is Dabur India because this stock is at all-time high and this is defensive. On the up moving market we are seeing that defensives are also making lifetime highs. So it is a good thing for the stock because if market becomes jittery at these levels even then I expect these stocks to perform."
He further added, "Dabur, after six months, has breached the upper band of Rs 135 and it has made a lifetime high. So I don't think it is going to be a false breakout. It may be a sustainable one and if you look at the open interest in the last six months roll to roll basis, we have seen around 25 percent of open interest has got reduced during this period. So whosoever try to go short in the stock around Rs 123-125 which was a lower band of this particular period, they failed to make money and finally they are cutting down the positions and this is where the open interest has come down little bit."
"But whatever positions have been rolled now in this particular month they are also going to be slowly start getting covered because the stock is not giving up. So my sense is it is going to come to around Rs 163-164 levels, on the downside keep a stop loss at Rs 132," Gupta added.
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