Buy Canara Bank, target of Rs 450: Monal Desai

Monal Desai of Sunidhi Securities told CNBC-TV18, "Canara Bank is not for a day call, maybe it should pan out over the next one or two days. We have a buy for a target of Rs 450 and above, keep a stop at Rs 420. The stock had reacted from these Rs 455 level and then moved onto Rs 425 and then again it is on its way up. The thing that I noticed in the last two days is that there is some amount of churn happening in the largecap stocks."

He further added, "If you see yesterday's winners were probably trading down today and giving way to Oil and Natural Gas Corporation (ONGC) and Coal India today. So, you are seeing churn within the largecap space. So that gives me comfort that the market is not going to react very aggressively and you might see churn happening within that space. So, maybe a Kotak Mahindra Bank would react down for a time being and profit taking could be seen, but that will be more of a buy levels at Rs 750-755. So, those kind of activities, which gives me comfort that market would hold on.”