Sell Syndicate Bank, BHEL: Chandan Taparia

Chandan Taparia, Derivative & Technical Analyst at Anand Rathi Securities told CNBC-TV18, "We are negative on most of the PSU counter especially talking about the midcap PSU bank. Syndicate Bank, Allahabad Bank, Punjab National Bank (PNB) and Bank of Baroda (BoB) are making lower-top lower-bottom formation and not ready to recover even after the market recovery. Syndicate Bank has failed to cross immediate hurdle of Rs 97 zone and also broken the support of Rs 92-90 zone. Now the fresh weakness may continue in the counter, so recommending to sell on any small bounce back move with stop loss of Rs 88 for the downside target of Rs 80.""Second sell is BHEL, this stock is under the bear grip and not ready to recover even after the positive news flow. It is trading below the 13-day moving average or the moving average and also suggesting the negative move and making lower tops and lower bottom formation from last four –five series. Shorts are intact and fresh call writing at 170 strike is also suggesting bears are keeping the stock on their grip. So recommending to sell with a stop loss of Rs 171 for the downside target towards Rs 158," he said.