Short Yes Bank, Axis Bank, ICICI Bank: Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "Once Bank Nifty falls below 16,170 then you can go for a short call because at the end it can even go sub 16,000 levels. One thing that I have been advising at least to some of my investors is that other than HDFC Bank, even though its valuation may be a bit expensive, other than that with so much of cleaning up act left to be done no bank should be touched for an investment."

"From that perspective, I would say that Yes Bank, Axis Bank and ICICI Bank are short at current level. They can go even further down and are the real dragger of the Nifty. Nifty otherwise for other sectors would have gone up but banks are actually pulling it from behind," he said.