Short Canara Bank: Navneet Daga

According to Navneet Daga of KR Choksey Securities, one may short Canara Bank as the stock may test Rs 350.

Navneet Daga of KR Choksey Securities told CNBC-TV18, "Entire public sector undertakings (PSU) banking lot is coming under pressure. We have seen a big open interest build up in Canara Bank . We have seen almost 7 odd percent short open interest getting added today itself. On a weekly and daily chart it has just given a breakdown below Rs 380 kind of levels."

"What we are suggesting is one can initiate a short at this point of time and keep a fixed stoploss on the upside of Rs 398. This stock can grind to as low as Rs 350 odd levels in the coming days. It is a combination of open interest (OI) data and the breakdown on the charts is suggesting that the stock can see a further downside momentum," he said.

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