Enter Allahabad Bank around Rs 148-153, says Agarwal

Positional traders can enter in Allahabad Bank around Rs 148-153 for the target of Rs 180, says Shubham Agarwal of Motilal Oswal Securities.

Agarwal told CNBC-TV18, "Overall midcap banks are looking pretty well. Specific about Allahabad Bank there was an inverse head and shoulder pattern which has just broken out today. But because the base is too far we are seeing a rally from Rs 130-155 which has been very immediate. The neckline of that pattern was at Rs 153, it has definitely got surpassed but I would advise to wait for a temporary pullback which can be upto an extent of Rs 148. So, between Rs 148 and Rs 153 it is a good level to enter that stock for positional trade. It has a target of around Rs 180. So, one can wait for a temporary pull back to come. Overall direction for the stock is definitely on the upside."