Go long in Kotak Mahindra Bank: Ashish Chaturmohta

Ashish Chaturmohta of Fortune Group told CNBC-TV18, "Most of the PSU banks are breaking their previous weekly and monthly supports with a very strong build up of short positions. Across the board if you look at, most of the PSU banks, be it Bank of Baroda (BoB), State Bank of India (SBI), Canara Bank and Punjab National Bank (PNB) are witnessing a very strong build up short positions. Since the stocks are breaking previous weekly and monthly supports we will see a good amount of sell-off in these stocks."

"Bank of Baroda looks quite weak. On downside, Rs 154-155 could be the possible target in a short span of time. On upside, Rs 168 should be kept as a trading stop loss. However, if you look at Kotak Mahindra Bank in the private space, this stock has seen a very strong build of positions. Despite market weakness we are not witnessing a very strong sell-off in the stock, clearly indicating that there can be some amount of consolidation happening at lower end of the range," he said.

"Kotak Bank looks good for upside. So, keeping a stop loss below Rs 1350 and one can initiate a long position in the stock for an upside target of Rs 1440."

Disclosure: Analyst does not have any personal holdings.