For anyone who is interested, here is what I did to run the game and Repetitouch on Bluestacks.
First of all, download the rooted Bluestacks 0.10.7 from here https://mega.nz/#!GFVilDAL!Wkyp2xpxFOx8J_Gz8wIf0jGSxTT3IiT6xthvrHhRbME. Although version 1, 2 and 3 of Bluestacks are also available, 0.10.7 is the lightest version and takes least amount of resources. Windows 7 and 8 are recommended for this but I am using on Windows 10 without any problems.
After installing Bluestacks, login your Google account, install NFS No Limits and update Google Play Services (if you cannot find Play Services in Play Store, run the game once, it will prompt you to update) and Google Play Games. Install GameGuardian and Repetitouch. The above mentioned version of Bluestacks comes with SuperUser per-installed so there will be no issue running GG (GameGuardian) or RT (Repetitouch).
Open RT, go to Settings->Advanced, select Additional Input Type and choose Bluestacks virtual mouse. Then go back and select Override Multitouch Type and choose 2.3+ Legacy Mode.
Run the game, GG and RT and do the usual thing of editing and recording. IMPORTANT: During recording, WAIT AT LEAST 3 SECONDS before hitting the stop button, otherwise recording will be broken. THIS IS VERY IMPORTANT AND MUST BE FOLLOWED.
After that, it is everything as usual, as you would do on a mobile phone.