Rahul Mohindar, viratechindia.com is of the view that one should sell SBI. The stock may slip to Rs 1970.
Mohindar told CNBC-TV18, “Bank Nifty continues to look weak so I would think another two-three percent could get shaved off fairly easily. I think that would be led by something like State Bank of India. So even at these levels, around Rs 2,070 mark, you could consider going short on SBI.”
He further added, “My sense is we are going to move towards Rs 1,970 as a target. So we are looking at a sizable downside on the stock over Rs 100 from here. One could keep a stop at Rs 2,120 on the stock because clearly if you look at most of the banking names whether it is Axis Bank or ICICI Bank, I think there is no sign of an immediate recovery, there is no sign that these stocks are at major support. So I think given that whole scenario, SBI could be a fairly good seller.”