Hold OBC, says Anil Manghnani

Hold OBC, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "Above Rs 300 OBC has broken out yesterday. Although I know Rs 325 is an immediate resistance and the previous top but the breakout, the volumes all suggest that eventually may be little longer down the road probably headed to Rs 365. So I gave it more as a positional buy and hold rather than a trading idea. So keep a stop loss may be Rs 295-290 but it is one to hold in your portfolio now from a medium term perspective."
He further added, "Bank of Baroda - post the numbers some sort of distribution pattern it is more a short-term trade. May be it will drift down closer to the 50 day moving average. So I have kept the recent pullback target of the 0.618 retracement of Rs 792 as a stoploss. But just the way the last 3-4 days have gone post the numbers I think it is headed down to about Rs 733."