Axis Bank may decline to Rs 780-770: Anu Jain

Anu Jain of IIFL told CNBC-TV18, "We saw action in Kotak Mahindra Bank and HDFC Bank . There seems to be a rotation happening in the private banks. I think one can have further action in IndusInd Bank and Kotak Mahindra Bank towards a positive side. If the market manage to hold one can see Kotak move up to about Rs 670. Don't know whether it is tradable or not at this time." She further said, " HDFC can move up, HDFC Bank can trade up to Rs 615-620 level, but the way Axis Bank  is showing weakness it can actually break down right up to Rs 780-770 levels. That is the scary part of it. So, one is getting both sides to play." "I think on a rise, people would rather short these counters then go long. Axis Bank and ICICI Bank closed with negative bias, so if one sees some short covering in those two counters probably at about 2-3 percent higher than the current levels, that could be an opportunity to short those counters.
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