Sell Allahabad Bank, PNB, Reliance Capital: CA Rudramurthy BV

CA Rudramurthy BV of Vachana Investments told CNBC-TV18, "If you see the chart of Allahabad Bank, it is just shocking to me from levels of Rs 190, stock came all the way down to levels of Rs 70, again another big slide went on from levels of Rs 135. Now the stock has made even lows closer to Rs 40. Now this swing on the downside should continue more. I am very bearish on Allahabad Bank. It can be sold on every rise keeping a stop loss of Rs 54, I look for a short-term target of Rs 46. Even open interest build up is seen on this stock with prices moving on the downside. So, Allahabad Bank is a clear sell." "For Punjab National Bank (PNB), the trend is definitely down on the short-term and levels of Rs 68 can be seen. So, with a stop loss of Rs 80, one can sell PNB at every rise to Rs 78 - Rs 79 looking for a targets of Rs 68," he said."I have a last sell call on Reliance Capital. Even today, we have seen built up in open interest in this stock and it is facing stiff resistance at levels closer to Rs 405-410. So, for a shorter-term, Reliance Capital is also a sell for me. Look at targets of Rs 385-387, keeping a strict stop loss at breakout of Rs 410."