Buy SBI, Ranbaxy Labs: Nirmal Bang

Dipesh Mehta, Nirmal Bang Securities is bullish on SBI, Ranbaxy Laboratories and has recommended buy rating on the stocks.

Mehta told CNBC-TV18, “I have a little bit positive bias on Bank Nifty not as neutral to negative because I think heavyweights such ICICI Bank, SBI are very good counters to buy on dips and accumulate at lower levels. So, I am very bullish on SBI at current levels also. I would recommend people to buy a Call of Rs 2250 which is in the money Call at present and I think it can head for targets of Rs 100 also in short-term. Plus I am also bullish on Ranbaxy. People can go ahead and buy futures at current levels only at around Rs 511-512. It can achieve targets of Rs 532 and Rs 548 in five to six trading days with a strict stop loss of Rs 490 on the lower side.”
On the IT space, Dipesh Mehta says, “I wouldn’t recommend people to go short at this level because we have already seen a little bit downside in IT space in the last two or three days. So, I think at this level people should play for momentum for one or two days and then go ahead and take a little bit of risk with a strict stop loss and buy IT counters at current levels.”