Sell Allahabad Bank, says Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "We are observing some support based buying in Bank Nifty and selective PSU counters but Allahabad Bank is not performing. Even, we are witnessing sustained selling from last six series and consecutively it is falling down from last five to six series with built up of short position. Even shorts are rolling to one series to next series. In the last series, we have seen rollover of more than 85 percent and in this series also we are expecting rollover to happen in the counter."He further added, "The immediate support near Rs 73.50-74 and below that fresh selling may take it to Rs 70-71 zone. Sustained call writing at higher strike is also indicating that stock is in bear grip and weakness may continue till market doesn’t give any significant upside. So, the trend is negative, database are clearly indicating that shorts are intact. We are recommending to sell with a stoploss of Rs 76.50 for the downside target towards Rs 71 levels."