Short UCO Bank, target Rs 32: Manoj Murlidharan

Manoj Murlidharan of Religare Securities told CNBC-TV18, "We will be shorting UCO Bank because that is one stock where we have actually seen in last three to four odd sessions, there is a very fine way of distribution which is going on and unfortunately the stock might stand at least 10-13 percent lower in this series. We recommend shorting UCO Bank at Rs 37.2 with stop loss of Rs 39 and we are expecting a target of close to Rs 32-33 on that."At 11:01 hrs UCO Bank was quoting at Rs 36.55, down Rs 0.70, or 1.88 percent. It has touched an intraday high of Rs 37.70 and an intraday low of Rs 36.35.