Hemant Thukral, National Head-Derivative Desk, Aditya Birla Money is bullish on ICICI Bank and HDFC Bank .
Thukral told CNBC-TV18, "Banks are the ones which have started seeing short covering having and the midcap PSU banks also have seen lot of shorts covers. So Oriental Bank , Vijaya Bank , they have seen lot of short covering but important thing is heavy weights like ICICI Bank, HDFC Bank, they have seen some fresh long built up."
He further added, "Yesterday ICICI Bank had seen long built up so I would still feel that Bank Nifty has more legs to move up from these levels. I think it can go up to 8600 also in the immediate short term. So seeing the short positions that are still open and now fresh buying interest coming back especially ICICI bank can go up to Rs 775 and HDFC bank can revisit Rs 465-470 levels. So that will give some cushion. The only cause of concern in Bank Nifty is SBI, I want SBI to cross Rs 1725 and suggest that strength. Yesterday it could not cross so that is a slight cause of concern but I am bullish on ICICI Bank and HDFC Bank both."
