Short Maruti Suzuki, says Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "In ICICI Bank, anything above Rs 220 is slightly risky because unless it takes out Rs 227 to about Rs 229, any time profit booking can come in and you will see the stock seeking lower levels, at least it would give a retracement to about Rs 211 to about Rs 210. That is the first support area in today’s session." "One thing that I have observed today is that for the first time in last four days, we see open and the highs are either the same or the open and the high is very close to each other. This is actually a bearish sign unless of course the day’s highs are taken out once again during the session. So, suffice it to say that some of the stocks that could have rallied very fast, pullback rally was given, you can give a short call out there," he said."A short sell in Maruti Suzuki is in order. Today’s high is Rs 3,619. I would say put a stop loss above Rs 3,625 and keep a target of Rs 3,525 to about Rs 3,470. Then you choose any of the PSU banking stocks like State Bank of India (SBI) or Punjab National Bank (PNB) or for that matter even ICICI Bank and of course not a PSU bank." "Bank stocks could be hammered much more because yesterday Bank Nifty wasn’t really showing the kind of performance that Nifty was showing. It was showing weakness, there was a hangman formation at the top. So, banks could be actually leading this correction. However, this is still a correction, nothing more than that; nothing to suggest that the rally is over."