Expect 15% upside in Canara Bank: Sukhani

Expect 15% upside in Canara Bank, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Canara Bank is a long today. It’s actually long irrespective of what the RBI does. In the front of news events we have to be little careful but the charts are very attractive, it suggest that a very decent base around the Rs 430-470 level has been built and it’s willing to now cross and breakout. So at least 50-70 points that would be a 15% rally is quite possible in Canara Bank but positions should be taken only after RBI announcement."
He further added, "MphasiS is a short. It is not only because it is in the IT sector but independently MphasiS saw a very sharp rally and that rally has now come to an end. At best we will see a decent correction, which means lower levels are likely and if it follows the other IT majors then it could go back to its original lows of Rs 250-270. So, in either case MphasiS remains a short sell."
"It started its selling spree yesterday. It broke below support level, made 50 day lows and now every opportunity should be used to build up a short position."