Syndicate Bank can test Rs 122: Amit Gupta
Syndicate Bank can test Rs 122, says Amit Gupta, Chief Manager- Derivatives -ICICI Securities.
February 17, 2011 / 16:43 IST
Syndicate Bank can test Rs 122, says Amit Gupta, Chief Manager- Derivatives -ICICI Securities.
Gupta told CNBC-TV18, "I think still there is enough amount of short left in midcap banking, so its is possible that is we had seen some cash buying coming up, the follow up in terms of short covering can come soon. If you look at Syndicate Bank and Indian Overseas Bank in both of these we have enough amounts of shorts left, so if market is trading with a positive bias above 5500 it is possible you may see Syndicate Bank going towards Rs 122 levels. The same way I think Indian Overseas Bank also can witness 3-4% of upside."He further added, "One can look at heavyweights I think State Bank Rs 2700 call options we have seen enough short covering taking place and now it is closing above that on a sustained basis. So now closer that particular call may come and that may trigger more upside in State Bank of India. So I think Nifty should trade above 5500 now. We have revised our stop loss from 5400 to 5500 for going long in the market because its a momentum market, you can
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
