Banking stocks will slide if markets remain weak: Jitendra Mehta, Edelweiss

Jitendra Mehta, Technical Analyst, Edelweiss, in a chat with ET Now talks about the banking space.

Banking counters seemed to be the favourite a while ago but losing steam and momentum on the charts. Do you see that?

In fact banking is an only sector, which is holding up so far and today’s move has decisively seen the momentum reverse and the bout of profit booking has already been witnessed in a lot of stocks. Stocks are also breaking their cushion/crucial support. So we will see some downside opening up here.

Today it might be profit booking, day after tomorrow on Monday, you might see some say opening up of short also. There are some counters which are just looking toppish and if market continues to remain a bit weak, these stocks will start sliding down.