Sell SBI with a target of Rs 1970: Mohindar

Rahul Mohindar, viratechindia.com is of the view that one should sell SBI. The stock may slip to Rs 1970.
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Apr 08, 2013, 08.19 AM | Source: CNBC-TV18

Sell SBI with a target of Rs 1970: Mohindar

Rahul Mohindar, viratechindia.com is of the view that one should sell SBI. The stock may slip to Rs 1970.

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Sell SBI with a target of Rs 1970: Mohindar

Rahul Mohindar, viratechindia.com is of the view that one should sell SBI. The stock may slip to Rs 1970.

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Rahul Mohindar (more)

Director, viratechindia.com | Capital Expertise: Equity - Technical

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.”

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Sell SBI with a target of Rs 1970: Mohindar

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