Sell ICICI Bank on rallies, buy Yes Bank 660 Put: VK Sharma

VK Sharma of HDFC Securities told CNBC-TV18, "Obviously people would take a cue in ICICI Bank from the ADR which closed 6.8 percent down, therefore it needs to be sold at rallies and not immediately. There is no way you could have predicted yourself against the fall in opening rates of ICICI Bank. It is continuing to see bearishness, so it needs to be sold at rallies." "Although Yes Bank is down with others, I am suggesting buying the 660 Put at a price of around Rs 20 with stop loss at Rs 16 and with a target of around Rs 28," he said. "In Federal Bank, although the results are already priced in, it was bad but still we have seen shorts happening. So, it is not so much of a trading but for those people who are already holding it, may be they might go out and buy a Put at around 45 at a price of Rs 1.15 and those who are trading can put a stop loss around 0.50 paisa with a target of Rs 2.50," he added.