Short Canara Bank, Vijaya Bank: Sukhani

Sudarshan Sukhani, s2analytics.com advice traders to short Canara Bank and Vijaya Bank at current levels.

Sukhani told CNBC-TV18, “Canara Bank probably qualifies as one of the big short sells and so do Vijaya Bank and PNB. So these are names that we are tracking for selling, but it doesn’t mean the others can’t be. I think last week also I said something is going on in PSU banks which we don’t understand. But the charts are telling us something terrible is coming.”
He further added, “GMR Infra in spite of everything else looks like it is going to go much lower. There is not much to choose. We have Lanco at Rs 11. How can Lanco go lower and we know it went into double digits, it’s possible to go into double digits. So we will start with GMR, Lanco. Even Suzlon is now making lifetime new lows. It’s horrible, but I would assume that the infrastructure names that we are discussing are all ready for another 20% of downside. In terms of rupees it will be low, but percentages are still there.”