Sell IndusInd Bank, target Rs 760: Shubham Agarwal

Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "There is some relative underperformance that we have seen for the private sector banks. If you look at Axis Bank and ICICI Bank, these names have already broken down. IndusInd Bank, given the fact that few days back we have seen a bearish engulfing pattern getting formed on the daily chart, it is not a very long-term call but we believe there is a 10 percent correction in IndusInd Bank that can take place. Hence we are recommending a sell on the stock for a target of Rs 760 and a stop loss for the same can be kept at Rs 890."

At 09:21 hrs IndusInd Bank was quoting at Rs 842.65, down Rs 1.90, or 0.22 percent. It has touched an intraday high of Rs 846.55 and an intraday low of Rs 840.