PNB has support at Rs 118-119: Hemant Thukral

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "Some of the public sector undertaking (PSU) banks have been thrashed to levels where you cannot expect much corrections from here. Let us take an example of Punjab National Bank (PNB), 13 percent short positions being made, already last bottom being broken if I have to compare it with Nifty being a Nifty stock."He further added, "It has gone below Rs 126-125 mark. The next strong support is Rs 118-119 but the point is that if it opens gap down to Rs 120-119 then I do not think you should create fresh shorts. So, my idea is the market is trending downwards but there has to be some timing to the shorts which has to be placed. So I would not go short in three banks, ICICI Bank, PNB and Axis Bank.""I have selected these three banks which one should not go short right now especially ICICI Bank and Axis Bank where there are already huge short positions that any short covering can lead to a huge problem if you go on fresh shorts today."