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Mar 21, 2017 02:23 PM IST | Source: CNBC-TV18

Sell PNB, State Bank of India; Idea Cellular may head down to Rs 73: Rajat Bose

Rajat Bose of recommends selling PN and State Bank of India and feels that Idea Cellular may head down to Rs 73.

Rajat Bose of told CNBC-TV18, "In today’s session, with Bank Nifty threatening to break 21,000 mark as well as the Nifty threatening to go below 9,100 mark, the banks are actually showing much of the weakness. Be it ICICI Bank or Axis Bank, among the PSU banks, there are quite a few that are showing weakness. I have chosen State Bank of India (SBI) and Punjab National Bank (PNB). I would like to make a disclosure first that in both these stocks, I hold in my investment portfolio, but this is a day trading recommendation, so, there is no conflict as such." 

"Sell Punjab National Bank (PNB) sell with a stop loss above Rs 145, targets would be Rs 141.50 and Rs 140.25. State Bank of India (SBI) is also a sell with a stop loss above Rs 275, Rs 269.50 and Rs 267 are the two targets," he added.

"Idea Cellular’s 200-day moving average is around Rs 90 levels odd. So, you expect some kind of choppiness around these levels and after it takes out the bears or whoever is selling decisively, take out the Rs 90 level, then it can slide down to something like Rs 84 to about Rs 81. It could even go down to Rs 73 going forward because market seems to be very disappointed as far as Idea’s shares go. So, on any rally it should actually be sold because it is showing major weakness."
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