Short PNB advises Siddharth Bhamre

Siddharth Bhamre of Angel Broking advised going short in PNB at current levels. Bhamre expects a significant downside in the stock.
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Apr 16, 2013, 01.33 PM | Source: CNBC-TV18

Short PNB advises Siddharth Bhamre

Siddharth Bhamre of Angel Broking advised going short in PNB at current levels. Bhamre expects a significant downside in the stock.

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Short PNB advises Siddharth Bhamre

Siddharth Bhamre of Angel Broking advised going short in PNB at current levels. Bhamre expects a significant downside in the stock.

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Siddarth Bhamre (more)

Head- Equity Derivatives & Technical, Angel Broking | Capital Expertise: F&O

Siddharth Bhamre of Angel Broking advised going short in PNB at current levels. Bhamre expects a significant downside in the stock.

Bhamre told CNBC-TV18, “Inflation figure has compelled now. People do think that RBI would cut rates and it may happen. This has resulted into optimism among participants that banking stocks would rally and yes, they would. However, it is more of a spike.”

“In fact, last monetary policy when you got that 25 bps cut in interest rate, you did not see 10 points move also in Nifty on the upside because market participants had already discounted that upside move when they got index of industrial production (IIP) numbers and gross domestic product (GDP) numbers and inflation numbers. Same way, markets are in advance discounting that interest rate would be cut and prices have gone up. This is not making us comfortable,” Bhamre added.

He further said, “Punjab National Bank (PNB) has gone up mainly because of short covering and the volumes where a stock is going up, if you compare all the volume chart, it is not very significant. We believe that it may not sustain at higher levels and we would suggest to short at current levels. We are expecting a significant downside in PNB but as of now, we are limiting ourselves to the price target of Rs 682 and you can fix Rs 748 as a stop loss and go short around current levels.”

“Other stocks like State Bank of India (SBI) have also rallied because of short covering plus blend of some long positions but above the resistance zone of Rs 2,120-2,150, I am not expecting a significant upside in SBI.”

“Also, we continue to remain negative on private sector banks. Overall banking pack is one space, which is so over-owned that any unwinding by FIIs would lead to good amount of fall whether it is public sector undertaking (PSU) or private,” Bhamre said.

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