Short SBI, says Rahul Mohindar

According to Rahul Mohindar of viratechindia.com one can short State Bank of India (SBI) at current levels.

Mohindar told CNBC-TV18, "State Bank of India (SBI) has broken a six months low. If we look at the Bank Nifty, that too is broken its 200 day moving average (DMA) and the six months lows like SBI. So all in all, Rs 1,970 to Rs 1,980 is the window in the short-term, probably in the next few days where you might find SBI. So I think still worth shorting at the current level." He further added, "Larsen and Toubro (L&T) is again a stock where one can go sub Rs 1,300 levels. So, good Rs 50-60 downtick is expected there. Over the next week, one would look at sales within the banking stocks in fact if we look at midcaps also, there too I see some weakness, something like a Vijaya Bank etc. I still think even though despite these big corrections, this might extend a little more than we think. Disclosures: I would have recommended these stocks but do not hold them personally in my portfolio.