IndusInd Bank may rally to Rs 445-450, says Harchekar

Amit Harchekar of IIFL is of the view that, IndusInd Bank is expected to rally towards Rs 445-450.

Harchekar told CNBC-TV18, "I am expecting some correction in the Bank Nifty from 12,400 onwards. From the banking space, IndusInd Bank looks good around Rs 400 levels. I am expecting a dip of 2.5 percent, from there again one can expect a rally towards Rs 445- Rs 450. It is a good 10 percent gain one can get into that counter." He further added, "From the smallcap banks, UCO Bank looks good at these levels but one needs to watch out the movement in State Bank of India. Though we have seen a good break-out above Rs 2280, we need to see it sustain above these levels for at least three trading sessions. If it is unable to sustain above that levels then one can easily expect SBI to go back to the levels of Rs 2050 to Rs 2100. Much would depend on SBI to decide a trend for the rest of the PSU banks. As of now the market seems to be in an overbought zone so, one can easily expect 3-4 percent correction in the most mid-sized banks."