Technical Analyst, Rajat K Bose is of the view that HDFC Bank is still looking weak and can come down further.
Rajat told CNBC-TV18, "The charts of Axis Bank, Kotak are more or less similar rather than ICICI Bank . It is looking like as if you are looking at a rounding top and the rounding top is about to complete; look at HDFC Bank, t Axis Bank that is the kind of scenario that you see. When you see such formation, and when the overall sentiment is negative then you actually see them going down even further."
He further added, "I have stopped tracking Centurion Bank of Punjab because once this swap ratio is decided it would be better to look at HDFC Bank, which ofcourse is still looking weak, can comedown even further. If the indications that are there from the Nifty moving averages then these bank stocks would go even further down irrespective of the fact that the person like me is holding Centurion Bank of Punjab in his portfolio".
Disclosure: It is safe to assume that analyst and his client may have an interest in the above stock/sector.
