Sell Bank of India, Voltas: Ashish Kyal

Ashish Kyal of wavesstrategy.com told CNBC-TV18, "The trend in the banking index has been negative and public sector undertaking (PSU) has been a major laggard, if you look at State Bank of India (SBI) or Punjab National Bank (PNB) or any other bank. The PSU banks have been the major laggard and Bank of India has failed to show any kind of bounce back over past few days or in fact weeks. However, from technical perspective this stock has been constantly moving below 20 days average which can act as proxy for the trend, so as long as it sustains below that average, the trend is going to be negative in Bank of India. So one can sell this stock with a stop loss of Rs 120 on the upside and the target can be expected around Rs 105 level." "I have a sell call on Voltas. In yesterday's session we saw some strong sell-off after a decent rally from Rs 265 to Rs 320 on the stock and it also broke below its previous pivot low of Rs 310 level. So the trend is now reversing back on downside and it can start retracing this upmove to the extent of 61.8 percent which comes around Rs 280-290 level. So one can sell Voltas with a stop loss of Rs 320 and the target can be expected near Rs 288 on the downside," he said.