Axis Bank has target of Rs 1230: Siddharth Bhamre

Axis Bank has target of Rs 1230, says Siddharth Bhamre, Angel Broking.

Bhamre told CNBC-TV18, "Union Bank's NPA numbers were bad and that saw a lot of short accumulation and it was not just stated to Union Bank, if you look at the other PSU stocks like Bank of Baroda, Canara Bank have seen good amount of shorting. Union Bank would be under pressure. The stock might see sub Rs 200 levels that is what we are anticipating. But we are not generating any trades."

He further added, "From overall banking sector we see lot of strength in private sector names like Axis Bank and ICICI Bank and we have recommended long positions. We have a target of around Rs 1230 first in Axis Bank and then eventually Rs 1280. On ICICI Bank I continue to maintain my buy call with a target price of around Rs 972 and then probably you might see four digit figures in ICICI Bank. State Bank of India would be resilient to this."

"If you look at yesterday