SBI has target of Rs 1710, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, "See I am assuming that most traders were watching the market and tracking it, it should be long in the Bank Nifty and the reason is Bank Nifty gave a long signal yesterday itself while the Nifty was say that much better today. In any case, today morning was another option and now as we see intraday dips in the Bank Nifty those continue to remain entry suggestions on the long side. So the Bank Nifty should be traded on the long side. We really want to look for a touch of maybe 9000 or maybe even slightly higher in that. It depends on how the market behaves but that's the first initial target."
He further added, "Among the Bank nifty components I would say even now State Bank of India represents the best opportunity for reward. So buying State Bank is a good idea. Keep an initial target of Rs 1710 for the day or for tomorrow morning and then look for much bigger gains."
"Among the smallcap banks it is possible to go and buy something like a DCB , all the banks are going up, so close your eyes and select one of them. DCB has gone through a bear market of its own, much deeper than most banks and the relief rally could also be that much more, the bounce could be much stronger. So for people who want to take a larger risk then smaller banks like DCB are probably good ideas and so is Dhanlaxmi Bank . So take the banks with risk because you have stop losses to protect you."
