Sell Andhra Bank, BOI, Allahabad Bank: Rakesh Gandhi

In CNBC-TV18's popular show Bull's Eye, Independent Technical Analyst, Rakesh Gandhi shares his trading strategies for the day.

Allahabad Bank has been sliding continuously after a gap down opening that was seen in the start of the week. After the failure of the upward move that was seen on Tuesday, the downward pressure is likely to increase. Hence a sell call for a day target of Rs 74.25 with a stop loss or Rs 79.25.

Sell Andhra Bank. The stock has formed a descending triangle pattern having a neckline at Rs 58 and in this week, the stock is sustaining below that neckline of Rs 58 indicating that weakness would continue and hence a sell call for a day target of Rs 52.25 and a stop loss of Rs 56.25.

Sell Bank of India (BoI). The stock has been making a lower low and lower high pattern with a rising volume indicating that downward pressure would increase in coming days and hence a sell call for a day target of Rs 193 and a stop loss of Rs 211.