State Bank of India (SBI), HDFC Bank, ICICI Bank and Kotak Mahindra Bank are likely to drag Nifty lower, said Sushil Kedia, founder of Kedianomics.
"I think in the first leg of this fall - Kotak Mahindra Bank, HDFC, HDFC Bank, State Bank of India and ICICI Bank would be the ones that would pull off the index lower, while some of the IT stocks may still show some bounce for the next few days," said Kedia in an interview with CNBC-TV18.
On ICICI Bank, he said, "The short on ICICI Bank has to be kept with a stop at Rs 432 for now and the minimum it should go to is about Rs 370-360. We will review from there when the bounce comes."
On market, he said, "If you look at the trading of last 8 odd sessions, it has fluctuated in 250 points range. So, index wise, I think it is a wild dancing bull and there are still opportunities across the laggards and the smaller sectors..."
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