Short Axis Bank, SBI at current levels: Kunal Bothra

Short Axis Bank, State Bank of India (SBI), says Kunal Bothra, Sr Technical Analyst, LKP Share

Bothra told CNBC-TV18, "the downtrends or the fall in the markets are very swift and as compared to the rise in the markets and that is why if you keep on the weaknesses, the chances of making money would be much more faster and much more better as compared to probably shorting some of the stronger stocks probably in the pharma space." He further added, "I would probably short the banking stocks, something like a State Bank or even an Axis Bank at the current levels because the kind of impact the stock will have on the downside will be much higher as compared to a chance of a reversal because at this point, the overall banking pack is definitely on the weaker side. So I would probably go short on Axis Bank, State Bank and even to some extent Hindalco at this point, probably if it breaks Rs 122. I am looking at a target of Rs 110 on Hindalco." Disclosure: No personal holdings in any of the stocks, but at LKP we keep recommending to our clients.