Sell Canara Bank, Power Finance Corporation: Ashish Kyal

Ashish Kyal of wavesstrategy.com told CNBC-TV18, "The first sell call is on Canara Bank. PSU banks have been a major laggard in this entire sell-off. Not only Canara Bank, you look at Punjab National Bank (PNB) or State Bank of India (SBI) or any other PSU bank, they have been the major dragger and there is no relief sign so far." "The intensity of the fall has been increasing and in Canara Bank we can see that it has been trading below all the important moving averages. It has infact broken a very important support around Rs 225 as well. So, the short-term trend is definitely on downside and one can sell the stock with a stop loss of Rs 225 and the target can be expected at Rs 200," he said."The next sell call is on Power Finance Corporation (PFC). The structure of PFC is very similar to the few other banking stocks, even similar to Canara Bank. It has been in a downtrend for quite some time and has been moving lower in a channel and has reversed back again from the channel resistance." "PFC can again go down towards the zone of around Rs 170 where we have a channel support. One can sell the stock with a stop loss of Rs 195 and the target can be expected at Rs 170."