IDFC has target of Rs 135: Sukhani

IDFC has target of Rs 135, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Indian Overseas Bank has been a disastrous performer on the downside. It fell from Rs 105 to Rs 72-73 and that is a 30% decline. That seems to be behind. Now a lot of the small public sector undertaking (PSU) banks are high beta plays, just as they fall dramatically they also rally in the same way. IOB has been making a decent base."

He further added, "In decent day it’s been outperforming the bank index and the Nifty in the sense that it did not fall further. I would say that today there is a strong buying opportunity and probably also for swing traders and people who want to carry position. This market maybe changing its stance slowly and one should be trying to go long in high beta stocks."

"Infrastructure Development Finance Company (IDFC) has come in my buy list earlier also because it had already started making those higher highs-higher lows pattern suggesting that the declines are done with. We have a modest target of Rs 135 for the day traders for couple of days and the stock is beginning its own bull market. So here there is a justification for buying for few months, for maybe a year. It’s probably going to be an outperformer."