Short ICICI Bank, says Sukhani

Sukhani told CNBC-TV18, “Nifty itself suggests that the direction is uncertain and the Bank Nifty reflects that. But assuming that the Bank Nifty was to crack down then a target of 8800 which is far below current levels is easiest to achieve. That would require Nifty also to break below 4800.”

He further added, “I don’t have a view on either the Nifty or the Bank Nifty in terms of direction. ICICI Bank has been a big disappointment. It’s cracked and it’s now making new lows. So if that is a sign of what the Bank Nifty will do then we will see the Bank Nifty come down, but ICICI Bank currently is a short sell.”

“ICICI Bank broke down from a support level today and is making new lows qualify as a short selling candidate and so does Canara Bank in the PSU sector. The banks I would not want to sell are State Bank.”