Short IDBI Bank, advises Ashish Chaturmohta

Ashish Chaturmohta of Fortune Group told CNBC-TV18, "Almost eight to nine percent addition has being seen in the last three trading sessions in IDBI Bank clearly on the short side. So, the stock has potential to correct eight to nine percent even from current level. One can initiate short position keeping a stop loss above Rs 70 and on downside one can expect target of Rs 60."

At 14:15 hrs IDBI Bank was quoting at Rs 68.15, up Rs 1.50, or 2.25 percent. It has touched an intraday high of Rs 69.25 and an intraday low of Rs 66.65.

Disclosure: Analyst does not have any personal holdings.