Go long on IDFC, advises Siddharth Bhamre

Siddharth Bhamre of Angel Broking told CNBC-TV18, "Banking counters have lot of short positions but the run up has also been quite steep. We have identified some spaces where move has not been so sharp on the upside and there are lot of short positions which are still accumulated."

"IDFC is one of the stocks because of some reasons it corrected very sharply with high rise in open interest from Rs 100 to Rs 80. There has been bounce back of 8-9 percent from lower levels but we anticipate further short covering can happen and this stock can touch three figure mark again, if not beyond that. So, go long even in this counter and fix the stock stop loss at Rs 83," he said. Also Read: Videocon Ind unit withdraws application for bank licence