Go short in banking, infrastructure space: Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "Though, we are closing today, November series on a positive note, if you look at the overall structure of the series or how things have panned out, it is not very encouraging, and specially, two sector which have been always bellwether whether it is a bull run or a bear market, these are the sectors which are responsible taking the market higher or lower – banking, capital goods and infrastructure.""I am clubbing capital goods and infrastructure. So, if you look at banking space, look at ICICI Bank, Axis Bank, State Bank of India, where are these stocks trading? These stocks are trading near to their lower levels with good amount of shorts standing in them and which has got rolled over also. Look at one of the most important and proxy stock to our economy, Larsen and Toubro (L&T). That stock is trading at lowest point of this series almost, has good amount of short standing and got rolled over," he added."If I just take these 5-6 names and see that these stocks are showing negative direction for the coming series, I do not find any reason why I should be bullish on this market. There might be IT, some people might start talking that okay, depreciating rupee is good for the margins and all. There will be sometimes, in HDFC, one day or two day spike . ITC and Hindustan Unilever (HUL) trying to balance out, but banking, infrastructure and capital goods, these names are not giving any sign of comfort to this market and that is the space, where I would suggest traders should be short and trade with negative bias in December series," he said.