Oriental Bank of Commerce has been consistently making those lower highs, lower lows pattern which is the hallmark of a bearish market. So, that it did not change even when we were moving up, down. We were doing different things in the broad market, even in the Bank Nifty, but Oriental Bank was maintaining its downtrend. That downtrend is likely to now increase."
He further added, "Yesterday it made new lows. That’s not good news for the stock price. The chances are that it will have a target of Rs 210 initially and even slide below Rs 200. I wouldn’t be surprised if it does that. So there are two trades here. One is that you can sell Oriental Bank for the day, maintain a positional trade on the short side and the second is you can sell this and look to buy a stronger bank like ICICI Bank or maybe even State Bank and build up a spread trade. Both are valid, but it’s a sell in either case
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