Short Axis Bank, BHEL: Siddharth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "Though we are positionally positive on the market but we are not so bullish on some of the frontline names. Banking sector is in limelight because of State Bank of India's (SBI) results, public sector undertaking (PSU) are doing well. However in private sector space some of the big names are in overbought zone. One of that name is Axis Bank, infact technically it has shown bearish engulfing pattern at higher level and yesterday also there was an open high sort of candle. At the same time too many long positions are standing in Axis Bank at this point in time. We are not expecting a crash like situation but most of the stronger hands who have longs at lower level of Rs 400-420 might book out of this stock. The long unwinding would bring the stock down, so we have small target of Rs 440 in our mind. Fix a stoploss somewhere around Rs 486 and go shot over here."

"We have been positive in Bharat Heavy Electricals Limited (BHEL) and we were having targets of around Rs 255-260 that played out. We were optimistic on BHEL at lower level. We have booked out and now what we are seeing is at higher levels some sort of selling isemerging, some short positions are building up. So we have short-term negative call in it. We are expecting some formation of short positions. So you can short at current level with a target for Rs 225 and a stoploss of Rs 256," he said.

"We are not very active in midcaps but in some of the semi large-cap, I will put Union Bank of India into that category. We are long in Bank of India. In Union Bank in yesterday’s trading session, there was around 11.50-12 percent rise in open interest, positive cost of carry and volumes were also good. Technical indicators momentum indicators are also suggesting the momentum would continue."