Sell Axis Bank, target Rs 500: Manish Hathiramani

Manish Hathiramani of Deen Dayal Investments told CNBC-TV18, "Axis Bank is a sell for a target of Rs 500 with a stop loss at Rs 550. If we have a corrective Nifty, I would concentrate more on the banking sector from a shorting perspective. It has broken the support of Rs 540 and has been trading below that for few levels. That is the reason why I would want to go short."

"As far as Bank Nifty is concerned, I feel that 17,100 should be the level to look out for which is about 900 points down from here but necessarily will not happen in one shot. So on every rally we should be looking out for that level and we should not be jumping on going long immediately," he added.

At 13:43 hrs Axis Bank was quoting at Rs 531.20, up Rs 6.85, or 1.31 percent. It has touched an intraday high of Rs 535.75 and an intraday low of Rs 519.50.

Disclosure: Analyst has short positions in the Nifty.