Sell Syndicate Bank, target Rs 92: Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "We have seen some buying interest in the market. Yesterday the Nifty fell down by around 160 points. There are few stocks which were holdings but few stocks are continuously witnessing sustained selling pressure after every small bounce bank."

"Bank Nifty and the banking stocks are not performing. We have negative sense on PSU Banks. We are continuously witnessing built up of short positions , fresh Call writing and those shorts are rolling from one series to next series. So we have negative sense on the Canara Bank, Bank of India and Syndicate Bank and that is a reason we are recommending to sell on Syndicate Bank. Keep the stop loss of Rs 104 and expect the downside target towards Rs 92," he added.

At 13:21 hrs Syndicate Bank was quoting at Rs 98.30, up Rs 0.45, or 0.46 percent. It has touched an intraday high of Rs 99.50 and an intraday low of Rs 97.60.

Disclosure: Analyst recommended the trading ideas to his client. He has also mentioned these trading ideas in his monthly report but has no personal holdings.