Siddharth Bhamre of Angel Broking advises shorting ICICI Bank and Axis Bank.
Siddharth Bhamre of Angel Broking told CNBC-TV18, "Shorting ideas for week to 15 days is ICICI Bank. We are seeing that rise has mainly because of short covering and we have not seen any fresh significant formation of long positions over there. Axis Bank also more or less same, in fact Axis Bank at higher levels, we have seen some formation of short positions. These are two shorting names from largecap banking names."
He further added, "In Larsen and Toubro (L&T) also the bounce back is merely because of short covering. We have not seen any formation of long – that is one stock we would continue to hold on to short positions."
"In Reliance Industries we are bullish from investment perspective but the way crude oil is coming down and lot of noises about the inventory losses which would figure out in this quarterly numbers, this stock would continue to head down. It has shown decent bounce back and in this bounce back we are seeing that formation of short positions have taken place at higher levels. I am not expecting this stock to go above Rs 920 levels – that would act strong resistance and Rs 840 is what we are targeting in Reliance. Therefore, these are some of the largecap names we would go short and even if we are bearish on market we would not short midcaps. So those people who are hearing the view and anticipating that market would correct and let’s short midcap - that will not be a prudent idea," he said.