Federal Bank has target of Rs 570-575: Hemant Thukral

Federal Bank has target of Rs 570-575, says Hemant Thukral of Aditya Birla Money.

Thukral told CNBC-TV18, "If this market has to held up 5,780 or 5,800, it cannot do away unless and until Bank Nifty  respects its support and Bank Nifty has managed to hold on to its supports very well, in fact Nifty broke below 5,850, if  we see the closing levels. Bank Nifty never went below 12,200 levels. So I still feel Bank Nifty has the potential to  outperform and specially some of the midcap banks are showing extraordinary rollovers already."

He further added, "Our top pick would be Federal Bank, which has already shown very aggressive rollovers to the next  series, not only that the rollover cost has picked up. So it is showing that long positions are being rolled. Technically  too this stock has given breakout on medium charts above Rs 485-490 levels. So if a trader can carry positions even in  January contract also, I see a big target on Federal Bank around Rs 570-575. Traders have to keep a stop loss, so I  will maintain stop loss around Rs 485."