Buy Federal Bank, advises Manoj Murlidharan Vayalar

Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, "On the derivatives side we are tracking those stocks where the stock Future activity is more. The cash based accumulation has started because that is when we will see the reverse arbitrage unwind."

He further added, "The move in Federal Bank is still there. It is somewhere close to Rs 265, we can buy it with a stop loss of Rs 252. The stock has a good 15-20 percent move on the upside. I feel in the month of September we can see levels close to Rs 300, so we are very positive on Federal Bank," he said. At 13:51 hrs Federal Bank was quoting at Rs 276.25, up Rs 32.25, or 13.22 percent. It has touched an intraday high of Rs 279.05 and an intraday low of Rs 254.50. The share touched its 52-week high Rs 550.75 and 52-week low Rs 221.25 on 02 January, 2013 and 04 September, 2013, respectively. Currently, it is trading 49.84 percent below its 52-week high and 24.86 percent above its 52-week low. Market capitalisation stands at Rs 4,725.79 crore.