Short SBI, Tata Steel may hit Rs 327: Prakash Gaba

Prakash Gaba of prakashgaba.com told CNBC-TV18, "State Bank of India (SBI) has run-up from the levels of Rs 165 to Rs 210. It looks more of a tired pattern. If the market is down perhaps those tiredness would accelerate and we could see SBI slide down to levels closer to Rs 200 zones. I would have a stop loss above Rs 208 and trade short." "Tata Steel is more of a tired pattern, more of an exhaustion pattern. It could not sustain beyond the levels of Rs 348-350 zones and on Friday there was a large move down. The possible target on the downside could be in the vicinity of Rs 327, keep stop loss above Rs 337," he said. "DLF too looks a bit tired; it's more of an exhaustion pattern on Friday's move, we did see some kind of a dip. If the dip continues we could see targets close to Rs 131 with a stop loss of Rs 137.""Indiabulls Real Estate shows typical sideways zone and the weakening on Friday that we have seen, possible target on the downside could be in the vicinity of Rs 98 and a stop loss above Rs 100; Rs 100 seems to be a stiff resistance zone, psychological resistance zone.""There could be some correction in banking stocks because the entire banking pack is looking tired. Axis Bank is tired and perhaps we could see some correction here. Bank of Baroda looks weak to me and so is the case with Federal Bank. It is looking tired though it is up, so there could be some correction here."