Short IndusInd Bank; target Rs 810-815: Hemant Thukral

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "Bank Nifty has seen maximum shorts which have been accumulated in week on week. Last week the total accumulation – that is 49 percent followed by ICICI Bank 32 percent. ICICI Bank holds the key for Bank Nifty but why I am not going short today in ICICI Bank because I feel that stock is getting more and more into oversold zones and Bank Nifty also is approaching very critical 17,200 – this is a spot level – 17,250, so another 250 points from here. There is lot of important support levels that are coming up for Bank Nifty also."

"I am starting to see the relatively stronger banks have started seeing some short creeping in, so Friday we saw IndusInd Bank. Axis Bank saw some selling pressure coming in and IndusInd Bank also managed to breach Rs 830 on the downside, so that is why we are recommending a short for a target of around Rs 810-815 and a stoploss of Rs 850. I do not know whether it is last fall of Bank Nifty because relatively whatever I have seen that whenever the stronger banks start to fall that is when people have started giving up their position or started making shorts thinking which stock is left to go down. So I have a feeling that Bank Nifty also like Nifty will find support around 17,200-17,300 and you will see a bounce back coming back which has to be leaded back by ICICI Bank only," he added.