Go long on Allahabad Bank, Dena Bank: Sukhani

Sudarshan Sukhani, s2analytics.com advice traders to go long on Allahabad Bank and Dena Bank.

Sukhani told CNBC-TV18, “Whether we go through a mild correction now or not, that is something we will find out but the new series should be upbeat and the PSU banks should out perform. So my focus is on PSU banks or simply trading the Bank Nifty on the long side whenever there are dips. Among the PSU banks, the banks I am looking at are Allahabad Bank, Dena Bank and Canara Bank.”
He further added, “Aban Offshore has deceived us repeatedly, it makes these one day moves and then it seems that the bottom is in place but then immediately it turns around and falls. We don’t know if this is the final bottom, so technically there is trade here on the long side. But this stock technically trading wise has been unreliable, so traders have to make their own call.”
“If the run is done in Manappuram because I had a target of Rs 30 but it proved me wrong but I would not buy it. Sometimes it’s difficult to say, a trend is over but it is much easier to say what the trader should do. The trader has to wait patiently for this stock to pause and consolidate before a new entry can be made. So for traders the run is over.”