Sell PNB, ICICI Bank; buy Manappuram Finance: CA Rudramurthy

CA Rudramurthy, Head-Research at Vachana Investments told CNBC-TV18, "The banking definitely looks very weak and I am going short on Punjab National Bank. However, someone wants to take a positional call in the next month futures he can wait for a move on Punjab National Bank closer towards Rs 180 range and you can definitely look at positional short in Punjab National Bank future."

"I expect a target of Rs 160 with a stoploss of Rs 175 for the current month. However, if someone wants to take it to the next month that would be a better idea for a positional trader."

"Similarly, I see lot of resistance kicking in ICICI Bank and stock is definitely facing stiff resistances. I would also like to short ICICI Bank with target of Rs 300 and stoploss of Rs 316."

"I have one buy call that is on Manappuram Finance, this stock has given a huge breakout on the upside and above Rs 110 level lot of open interest addition is seen on the positive side. Lot of delivery based buying is also seen in cash market. Manappuram should do wonders. I will be buying Manappuram Finance, have a target of Rs 130 immediately with a stoploss of Rs 118," he added.