SENSEX NIFTY
Sep 17, 2012, 10.47 AM IST | Source: CNBC-TV18

Buy Bank of Baroda, says Sudarshan Sukhani

Buy Bank of Baroda (BOB), says Sudarshan Sukhani of s2analytics.com. It has made a fairly decent base, a small one but still worth looking at. It is a bullish head and shoulder, it had broken out on Friday as most stocks did, there is much more upside there and if there is a surprise on the banking side that could simply add to the impetus.

Buy Bank of Baroda (BOB), says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Banks are just bottoming out. While the Nifty and the other components of the Nifty have seen significant rallies, the banks have started their show. So Bank of Baroda (BOB) has made a fairly decent base, a small one but still worth looking at. It is a bullish head and shoulder, it had broken out on Friday as most stocks did, there is much more upside there and if there is a surprise on the banking side that could simply add to the impetus. So BOB is a good buying opportunity."

He further added, "It is a pleasant surprise that IDBI Bank which was in a bear market seems to be coming out of that. And I said last week also the PSU banks are now giving signs of life, that’s good news. IDBI Bank has a similar pattern, a larger one, a bullish head and shoulder coming out of it. The worry is that traders may rush into buy at an 80 point gap up, that’s not a good idea. These buying opportunities will be there throughout the day. Whenever the markets consolidate, go for the banks."

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