Short State Bank of India, ICICI Bank: Kulkarni

Shardul Kulkarni of Angel Broking advises tradres to short State Bank of India (SBI) and ICICI Bank, as charts of the stocks over the past three-four trading sessions are giving bearish signal.

Kulkarni told CNBC-TV18, "In banking space ICICI Bank as well as State Bank of India (SBI) have already started falling. Looking at charts over the past three-four trading sessions, one will see that they have clearly given a strong signal wherein one should go short. In case of ICICI Bank, we expect about four to six percent downside from current levels." He further added, "In the PSU space specifically Syndicate Bank as well as Federal bank they are the ones wherein one is seeing or the midcap space we feel that Syndicate Bank and Federal bank are the ones wherein one should be looking at going short. We feel that going forward Federal bank specifically Rs 465, Rs 460 that is the target price that one can look at in case of Federal Bank." Disclosure: We have recommended the stock to our clients and we may have positions.