Jitender Kumar's view on HDFC Bank

Jitender Kumar, SBICAP Securities view on HDFC Bank, Canara Bank and Axis Bank.

Kumar told CNBC-TV18, “HDFC Bank is very near to its all time high or I would say 52-week highs and the way the stock is behaving, very good volumes the stock is rising and delivery volumes also are good. It is very near to psychological mark of Rs 600. I think when it comes to any stock, it comes to this psychological mark like Rs 600, most probably stock behaves very sharply. This stock has been overbought so a bit of correction is needed because risk reward opportunity going long and even F&O space doesn’t give a mark for this HDFC. If it comes to Rs 575 levels, Rs 578 becomes a very good opportunity but at this price, I would not like to go long.” He further added, “I am way bullish on bank Nifty especially the resilience of Bank Nifty that is shown in the last 3-4 days, the market is coming down and bank Nifty holding up is very good. My long calls among the Bank Nifty is Canara Bank and Axis Bank. I am looking at target of Rs 416 Canara Bank and Axis Bank I am looking at Rs 1,120 levels.”