Central Bank of India may test Rs 50: Parag Doctor

Parag Doctor, Head-Trading Strategies of Keynote Capital's told CNBC-TV18, "Central Bank of India has some kind of base formation which has happened over the last several weeks with a low of Rs 55; maybe it can go to Rs 50 or so."

"This chart looks little better than some of the other smaller PSU banks, but it will be better to go for the larger banks, which are part of the Nifty or Bank Nifty in the PSU space. They would give more meaningful bounces whenever Reserve Bank of India (RBI) unwinds these short-term liquidity measures which are in place right now," he said. The share touched its 52-week high Rs 95.60 and 52-week low Rs 59.75 on 09 January, 2013 and 27 June, 2013, respectively. Currently, it is trading 40.43 percent below its 52-week high and 4.69 percent above its 52-week low. Market capitalisation stands at Rs 5,948.87 crore.