First of all download the Bluestacks Offline Installer Version.

Click to Downloa
d
Next download and install Uni extractor. Click to download
Now extract bluestacks installer msi file with Uni extractor and open the extrac
ted folder.
Now you need to download instedit. Click to download
Install instedit and open Bluestacks msi with instedit and select InstallExecute
Sequence from the left hand side.
From right side select CheckAV and set its value in between 50 to 100.
Save the package and make sure to rename it with the original package name.
Alternatively : Use this Already Modified Bluestacks Offline Installer
That s it try installing bluestacks from this installer and possible this time you
will no longer face the same error hopefully Thanks