Canara Bank may break Rs 370 level: Sukhani

Canara Bank may break Rs 370 level, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "I would be bearish on Canara Bank. The first stop for an intraday trader one can look at target of Rs 405-400. But the bank bottomed out at Rs 370 and this time the chances are that it’s going to break Rs 370. It’s not just about Canara Bank but most public sector undertaking (PSU) banks are very weak but one have to make selection and Canara Bank seems to be ripe. It’s just on the verge of a breakdown."
He further added, "The support for HDIL was at Rs 75. It broke that support effortlessly on the downside. Real estate by itself is not a gung-ho sector, it’s not something one want to buy and hold. The chart suggests that significant weakness is imminent. This is not the end of the decline and one has seen what happened to infrastructure; all the gains that infra added in the last three months have been given up and rather fast. Real estate is heading in the same way."