Allahabad Bank looks weak: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, \\\\"The Bank Nifty is going to do what the Nifty is doing. If Nifty starts a rally, we want to be in the Bank Nifty because the Bank Nifty will give us more beta. So it is probably going to give us far better returns on the long side. I would be very afraid of taking a short position. If the Nifty starts falling I would step aside. There is no need to take a position.\\\\"

\\\\"Allahabad Bank unfortunately is one of those very weak PSU banks. It is breaking down from a double top and that is never a good sign. So the Bank Nifty's upmove, should it come about, will be driven mainly by private sector banks and one or two of the large public sector ones,\\\\" he said.

\\\\"Allahabad Bank is probably a relatively safe short idea. However, we do not have to sell it until and unless the market decides after the Reserve Bank of India (RBI) policy. If it is weakening it is a very nice idea to go and sell this one.\\\\"

Disclosure: He has no personal interest in the stock discussed.