Bearish on SBI: Sameer Shetye

Sameer Shetye, Derivatives & Technical Analyst, AK Stockmart in an interview with ET Now talks about SBI.

Short term pressures coming in for some of these banking counters but still the overall picture keeping in mind the higher CASA ratio for some of these banks the like for ICICI Bank or an HDFC, particularly an SBI, from here, at least on the charts, what are the prospects?

Looking at SBI, if we have a look at the entire crack right from 3500 odd levels to the bottom of 2753, then SBI had retraced and tested 3141. Normally, these short covering rallies to retrace up to 38% or max to max 50% of the falls but at this current juncture, it looks weak to me and stock is very well on its way to test its bottom of 2753. So SBI looks bearish to me with a target of 2753. Should 2753 hold, then this could be a very good support or else the stock can very well test 2600 if the market remains weak.