One can short HDFC Bank, which is now suggesting much lower levels to come, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "The short calls are HDFC Bank, which is now suggesting much lower levels to come, it is not bottoming out and a lot of PSU Banks.”
He further added, “In spite of the small rally we have seen Bank of Baroda is a short, so is United Bank and I would say that there is no buying opportunity in PSU banks. The selling opportunities are there in the Bank Nifty.”
HDFC Bank touched its 52-week high Rs 705 and 52-week low Rs 492.90 on 30 November, 2012 and 23 May, 2012, respectively. Currently, it is trading 9.09% below its 52-week high and 30.03% above its 52-week low. Market capitalisation stands at Rs 151,769.32 crore.