Go long in ICICI Bank; short Bank of Baroda: Amit Harchekar

Amit Harchekar of A Plus Analytics told CNBC-TV18, "Bank Nifty is trading near support of falling channel. Now this falling channel is a quite bullish signal and that is why we are expecting a re-bound in Bank Nifty. Since ICICI Bank carries major weightage in Bank Nifty, we are also expecting rebound in the stock.""The chart of ICICI Bank is similar to Bank Nifty. There is a good support zone between the price of Rs 235-237. We are expecting a rebound of at least 6-7 percent from current level. Stop loss for your long trade would be at Rs 225. So we would recommend going long on ICICI Bank for target of Rs 250 plus," he added."Second recommendation would be going short on Bank of Baroda (BoB). PSU bank index has already given a confirmation of a new down move and within that Bank of Baroda again has breached crucial support of Rs 138.50. The technical picture of Bank of Baroda now indicates that these stocks again has potential to go down towards Rs 110-115. So, every pullback towards Rs 140 becomes a shorting opportunity.""Unless we have a convincing close above Rs 145 there won’t be any trend reversals signs. So it becomes a good shorting opportunity even at current level. We are expecting Bank of Baroda to move lower even in case there is a bounce back in Bank Nifty index," he said.