Short Federal Bank, OBC, says Sukhani

Short Federal Bank and Oriental Bank of Commerce , says Sudarshan Sukhani, s2analytics.com.

Sukhani told CNBC-TV18, "We have had a turbulent week in terms of sector. We had banks do very well and on Friday literally collapse. That collapse in the banks has led to a lot of shorting ideas. In any case the larger banks were short selling suggestions earlier and now even the smaller private banks are giving the impression that they have completed a process of distribution and are likely to go down."

He further added, "Two ideas that come from the private banks table are now available and they are both on the short side. The first is Federal Bank, it has made and confirmed a bearish head and shoulder pattern that in simple layman words is a sign of distribution. That pattern is confirmed, so I am looking at Federal Bank going much lower."

"The second is Orient Bank of Commerce (OBC). After a very sharp rally Orient Bank then stalled. That stalling could have been a consolidation but it turned out to be distribution again. It tells us that the up trend in Orient Bank is over and it is now looking towards if not anything a sharp correction. So, these are two ideas for short selling, both come from banks and both from private sector banks on which I have been relatively downbeat."

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