Short SBI around Rs 2270-2280, says Bhamre

One can short State Bank of India (SBI) around Rs 2270-2280 with a stop loss around Rs 2310-2315, says Siddharth Bhamre of Angel Broking.

Bhamre told CNBC-TV18, "How private sector banks have fared badly because of the news pertaining to money laundering, this has given a cushion to SBI where a lot of people were thinking that the valuation or the premium gap between public sector undertakings (PSU) specially SBI and other private sector banks may reduce, but we believe post monetary policy there would be a correction in banking stocks and this time people would probably do more of basket selling rather than doing selective selling, which was seen last week." He further added, "SBI is very light in terms of open interest. We have seen good amount of unwinding. Longs are giving up their positions because Rs 2,300 resistance is in place. So, one can initiate short today around Rs 2,270-2,280 levels, fix a small stop loss somewhere around Rs 2,310-2,315 and I am expecting around 100 points fall from the levels, which I mentioned to short."