Expect short covering rally in BOI, says Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "I wanted to give buy on State Bank of India (SBI) and Punjab National Bank (PNB) but then I want to play on high beta space at this point of time. From Rs 135 odd levels to current levels of Rs 115-116 we have seen huge formation of short positions in Bank of India (BOI)."

"The momentum is still down but I am taking a contra bet over here, purely from market perspective. I wanted to pick up a stock which has huge short positions. Bank of India was one of the semi-largecap or semi- midcap kind of counter which had huge positions. So, I am expecting a pure short covering rally," he said.

"I am expecting a bounce which can take this counter to probably Rs 126 plus levels, stop loss of Rs 110 is very necessary to keep."

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