Karnataka Bank has target of Rs 230: Anil Manghnani

Karnataka Bank has target of Rs 230, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "After a correction from Rs 88 to about Rs 70 you had a move to a new high again in L&T Finance Holdings. But I think now it is a little overdone for the short run. So I would probably wait. You cannot trade on a  daily basis, it is more delivery based but I think yesterday’s action suggest that now a pullback is due. So sub Rs 80  again I think L&T Finance would go and then probably give you another buying opportunity but not at this point."

He further added, "Karnataka Bank is a tough one. The stock has gone from Rs 90 to about Rs 200. I think the  eventual target given all the rumours and given the set up, it is about Rs 230 but to buy it at this price seems a little  overdone now. So I think I will wait for another maybe 7-10 percent correction but still the longer-term target remains  above Rs 230 for Karnataka Bank."