DCB can move to Rs 60: Sukhani

DCB can move to Rs 60, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Axis Bank has been in trading range after the significant decline. Yesterday it closed better and it is in the upper half, the top half of its range. It’s anybody’s guess but the point is that banks have been doing much better than the rest of the market for the last three days; it’s quite likely that this outperformance will continue. If it does Axis among the larger banks is an appropriate choice to go long."
He further added, "This is a day trade then we have to see how things pan out by the end of the day. My view is that if the market or if the banks begin to move up anytime, not in the first half hour, anytime during the day I would be a buyer in Axis Bank."
"DCB has a much better chart. The midcap banks are doing something which is very unusual; they are outperforming the larger banks, its happening after a long time and DCB’s charts after that sharp correction is suggesting that it’s willing to go up towards Rs 60."
"I think there is a very big upmove likely in DCB, so the trade here is for today, look to go and buy it. If you see any signs of strength in the banks DCB and Axis are preferred choices beyond that DCB is probably a position trade also." Disclosure: I have no personal holding in the above stocks.