ICICI Bank can touch Rs 1100, says Jitendra Panda

ICICI Bank can touch Rs 1100, says Jitendra Panda, Future Capital.

Panda told CNBC-TV18, "If you see for today, I am saying to buy a put option but for November series there are pockets of strength and especially the largecaps, which in the Nifty stocks we are seeing are doing well. One is certainly the banking sector which everybody has been seeing and we have been seeing good rollover especially on the private sector banks, whether it is Yes Bank or Axis Bank or ICICI Bank."
He further added, "The rollover has been good and positive. Bank Nifty rollover has been very good and we believe on the long side going forward, so banks do look well. ICICI Bank remains a top pick there and we are recommending that stock to be bought at this level for November series, keep your stop loss at Rs 1,060 and maybe Rs 1,100 is the short-term target and then in next 4-5 trading sessions you can see Rs 1,100, so that is what on the banking sector."
"One more stock, which is looking where we can see a breakout above 5,720-5,730 is Reliance Industries. After a long time, after a lot of series we are seeing a very good rollover and positive rollover and good open interest getting added there. So Reliance is showing some underlying strength now. That could in the last 10-15 days we have seen some strength building up there. So that could be one dark horse which can give the breakout on the upside if this stock is doing well."
"So we are recommending a buy there, keep your stop loss at Rs 807 on the equity side on the cash market price and look at Rs 825 on the cash market price and if you can see the November series is already rolling over in a premium on Reliance and with good amount of open interest. So that could be a dark horse for November series among the Nifty stocks."