Sell Bank of India, Syndicate Bank: Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "PSU banking counter is witnessing built up of short positions. Especially, talking about selective banks like Bank of India, Syndicate Bank, Punjab National Bank and Union Bank of India, they have added open interest of more than 15-20 percent on the short side which clearly indicates that still negative momentum may continue.""Bank of India has added open interest of around 8-10 percent in the last two trading sessions and continuously falling down from the last 7-8 series. So, shorts are entered here and those shorts are making the stock to go to lower levels. So, we are recommending to sell with a stop loss of Rs 107 for a downside target of Rs 99-98," he said."Second sell is Syndicate Bank. It is broken the immediate support of Rs 79-80 zone and witnessing the fresh built up of short positions. Open interest is up by 8 percent with negative price action which clearly indicates that negative sentiment may continue to remain in the counter. Here also, we recommend to sell with the stop loss of Rs 82 for the downside target towards Rs 73."