Allahabad Bank can touch Rs 198: Anu Jain

Allahabad Bank can touch Rs 198, says Anu Jain, IIFL Private Wealth Management.

Jain told CNBC-TV18, "We have been bullish for quite sometime on Bank Nifty and the initial target that we had got  was 12,600 which we had revised to 13,100. Looking at the charts it is now looking that over a longish period of time  that is over three to four-five months one will even see 13,800, so there is still gap to go."
She further added, "If you were to look at the whole breakup and the way things are happening, ICICI Bank hasn’t  moved the way some of the other banks have moved. So that has given a fresh look that it will attempt Rs 1,300 soon.  State Bank of India is giving a similar move. IDBI Bank, Indian Overseas Bank (IOB), IDFC and even something which  is related but not in banking, Reliance Capital, all these are looking very strong. So, given the whole build-up one will  have these occasional profit booking coming in but that would be only an opportunity for investors as well as traders to  switch positions and get into new high beta ones."
"I have seen a strong accumulation pattern in Allahabad Bank. It closed at Rs 184. I think keeping a stop loss of Rs  179 this is poised moving towards Rs 198. So, if one were to play towards higher moves then it’s going to come in  smaller banks. Given that the volatility has to be managed as well, I would play this, so this looks good. The 52 week  high is Rs 211. We are marking our target tad slower than that or a tad less than that and maybe closer to the next ten  days one should get target met."