Short PNB, target Rs 885: Amit Harchekar

Amit Harchekar, Chief Technical Strategist at A PLUS Analytics recommends shorting Punjab National Bank with a target of Rs 885.

Amit Harchekar, Chief Technical Strategist at A PLUS Analytics told CNBC-TV18, "If you look into the derivatives position which is seen in entire banking space, the Bank Nifty has seen a major short build-up in the zone of 16950 to 17200. So we believe Bank Nifty is poised to test the levels of 16700-16800 in the near term."

" Punjab National Bank (PNB) since it turns out to be the weakest stock within the banking space, we expect it to go down and test levels of around Rs 880-890. On the short-term charts it has already formed a bearish triangle, so we don't expect the stock to again move beyond Rs 980. Keeping that as a stoploss we are recommending short positions with a target of Rs 885 in the near term," he said.

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