HDFC Bank may slip to Rs 495: Harchekar

Harchekar told CNBC-TV18, “For Kotak Mahindra Bank there is a good support at Rs 562 levels and as long that holds on, on closing basis. The sideways trend will be Rs 560 to Rs 585 could remain intact. I am bearish on banks like State Bank of India or Bank of Baroda on charts. On State Bank of India I am seeing it to move towards Rs 1850-1900 that becomes next support zone."

He further added, "HDFC Bank, which was earlier showing signs of strength that has confirmed a breakdown below Rs 535 levels, I believe even HDFC Bank is now looking weak on charts and it could be heading towards Rs 495 in the short-term.”