Panda upbeat on Syndicate Bank, Wipro

Jitendra Panda, Future Capital is upbeat on Syndicate Bank and Wipro. Syndicate Bank can touch Rs 145-147 and Wipro can go upto Rs 415.
 
Panda told CNBC-TV18, “At the current juncture with the market dipping and all that we would like to take some positions in the banking sector where we believe that that could see some positive. So our call remains on the small cap or the midcap where the action is still. My pick will be Syndicate Bank at current levels. Keep a stop loss there at Rs 135 levels. We believe that could see Rs 145-147 levels. Today also we have seen some open interest increase on Syndicate Bank and we have seen similar other banks also doing well whether it is Yes Bank or even Bank Nifty is holding, there also we can go long. So that sector remains positive for us and we continue to see that positions are held on or long positions are getting added slowly.
 
He further added, “IT sector is showing a lot of action. One stock which we see is consolidating and doing well is Wipro. Although TCS has today shown some lowering or some short positions building up or exit out of positions, but we believe Wipro is holding on. So Rs 395 could be the stop loss there and Rs 415 could be the target and we believe that Rs 395 will hold on and that is a strong support. More closer buy on dips could be Wipro based on today’s further action and what is going to happen in the next few days.”