SBI can go upto Rs 2400: Mehta

Dipesh Mehta, Nirmal Bang Securities is of the view that State Bank of India can go upto Rs 2400.

Mehta told CNBC-TV18, “I would still go ahead and buy little bit of high-beta stocks such as SBI and HDIL. SBI I think there is still room for upside till levels of Rs 2,360 and Rs 2,400 on the upside with a stop loss of Rs 2,280 because if you see despite of a sharp correction in the banking space there are put writers actively traded on the SBI Options. Similar thing was noticed on HDIL. It has a strong support of Rs 102-103 on the lower side and I think it has the potential to go up to Rs 112 on the higher side. Just to take a contrarian call I would like to go short on Dena Bank at present. It will act as a hedge against SBI also, because I think there is a room for Dena Bank to come again at around Rs 102-103 levels on the lower side with a stop loss of Rs 109.”