State Bank of India can go upto Rs 2420: Vayalar

Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, “If you see the last 20-21 odd sessions it was bank ETF buying which has come in and the way ETF performed here is there is a basket of proportionate weightage into the banks which comes in and the PSUs have around 34 percent. If you look into PSU that 34 percent has not really come into rationale-wise."

He further added, "What I am trying to say here is State Bank of India (SBI) is one bank where the proportionate money has not come. So in the event Bank Nifty takes the support at 12460 SBI has a good 184 odd points which it can rally with respect to other scrips. It is somewhere close to Rs 2,265-2,270 odd, so I feel Rs 2,218 should be a stop loss and Rs 2,420 is what we are expecting. This is obviously as of the next 7-8 odd sessions.”