Federal Bank has target at Rs 590; SL Rs 520: Agarwal

Shubham Agarwal of Motilal Oswal Securities is of the view that, one can enter in Federal Bank with a short term and medium term perspective. The stock has a target of Rs 590 and stop-loss of Rs 520.

Agarwal told CNBC-TV18, "We are positive on the midcap banks. So some of the midcap banks like IndusInd Bank, Yes Bank and Federal Bank are the stocks which are placed positive. We can see that Federal Bank is something which has already sustained above its important hurdle of Rs 505 which was the all time high for the stock. So I feel the stock is headed towards Rs 590 for a short-term and medium term trader. Both can look to participate on this scrip and a stop loss can be kept at Rs 520."