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Technical Analyst, Ashwani Gujral is of the view that HDFC Bank has support at Rs 1400 and one can ride it upto Rs 1,650.
Gujral told CNBC-TV18, "Banks are still in a sort of range. The range for ICICI Bank around Rs 740-950, HDFC Bank has support at around Rs 1,400 and one can ride it upto Rs 1,650. PSU banking is particularly weak, in State Bank you have support around Rs 1,650 and upside is around Rs 1,850-1,900. So the financials are not showing strength, they had their pullback rally and now they are falling back again."
He further added, "Even on textile we get 6-7% moves. But broadly if you see for the last many months they have been in the same range, Arvind Mills around Rs 50 is a support and one can ride it upto Rs 65. Alok Industries has support at Rs 60 and one can ride it upto Rs 75. So nothing is exciting there."
Disclosure: It is safe to assume that analyst and his clients may have an interest in the above stock/sector.
Tags: Technical Analyst, Ashwani Gujral, HDFC Bank, ICICI Bank, State Bank, Alok Industries, Arvind Mills
May 22 2013, 13:11
- in MARKET OUTLOOK
May 22 2013, 10:44
- in Economy