Short Canara Bank; may slip to Rs 380: Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "If we see the chart structure of individual stocks Larsen and Toubro (L&T) and banking are the two main areas specifically State Bank of India, ICICI Bank, HDFC, HDFC Bank they are looking little weak so in case of the Bank Nifty one can initiate short positions."

He further added, "I would look at initiating short positions in case of the Bank Nifty. 12850 would be the stop loss on lower side and we expect the Bank Nifty to move towards 12000 over the next six-eight trading sessions. The Bank Nifty has given a very clear breakdown. In case of individual stocks Canara Bank can be one of the shorting candidates where in I feel that stock is poised to move lower towards around Rs 380-375. So that can be a short position with a stop loss of Rs 420 on the upside."