Expect HDFC to fall further, says Siddharth Bhamre

Siddharth Bhamre of Angel Broking told CNBC-TV18, "Banking space is seeing lot of shorting and so is the financial space. If one looks at Housing Development Finance Corporation (HDFC), the correction from Rs 830-840 levels have seen good formation of short positions. Yesterday, surprisingly the stock has been quite stable but there were no signs of any unwinding and we are seeing fresh formation of short positions which was getting formed since quite sometime."

"We are not expecting the stock to stabilize and expect further fall from current levels. So if there is no gap down opening of more than 2 percent then short this stock with a stop loss of Rs 751 and target of Rs 689," he said.