Go short on Axis Bank: Rajat Bose

Rajat Bose, rajatkbose.com, in a chat with ET Now, gives his views on Bank Nifty


What is the view on Bank Nifty and any shorting opportunities in some of the large or midcap names?

If you want to short, there is a possibility that Axis Bank might actually test Rs 1110. Currently it is trading at around Rs 1137. If it does not move up beyond say Rs 1150, then there is every possibility that 110 levels could be tested. The problem is that if you look at Axis, HDFC Bank or even for that matter Reliance, you will notice that some kind of range bound activity at the lower levels is going on. So this could lead to either direction.

For instance even the Bank Nifty March Futures, you can put a stop above say 10225 and expecting say 9900 kind of levels. That is a possibility but then here with the Nifty being so close to 90-day moving average, 200-day exponential moving average, 200-day simple moving average it is a very difficult ballgame at this point of time to initiate a short or a long and I am taking very bold step in giving recommendation. That is why just to haze I have kept one short one long.