SBI may offer a minor trading rally, see stock at Rs 286: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his view on CNX Bank and select banking stocks.

ET Now: How would you approach trade, particularly on Bank Nifty, which has been remarkably resilient in the last couple of days?

Mitesh Thacker: The index has turned definitely better, but I am still not comfortable taking a long position.
I am taking a paired trade, which is basically shorting the CNX IT against the banking index. I think it would be a good equation to be.

A couple of PSU names do appeal to me. Union Bank is looking very strong in the short term. That is one stock which has managed to hang on to its uptrend.

It looks like State Bank of can get past Rs 275 and head towards Rs 285-286 levels, offering some kind of minor trading rally.

HDFC Bank from the private sector bank looks good. One may thus bild long positions on individual counters, but not on the banking index as yet. IT stocks clearly remain the favourites to possibly explore short positions.