Crompton Greaves has target of Rs 165-170: Aditya Agarwal

Crompton Greaves has target of Rs 165-170, says Aditya Agarwal, Sr. Derivative Analyst, Way2Wealth.

Agarwal told CNBC-TV18, "Crompton Greaves has seen a severe beating. But at lower levels stock has seen a good consolidation in the range of Rs 110 to Rs 140-150 levels. Now stock is giving a breakout above this range. We have already seen some short covering in this stock and now we are seeing some follow up buying. So we are expecting that this stock may outperform the market. In short term if you see then Rs 165-170 is the target which is coming on Crompton Greaves. So at this level long positions can be initiated with a stop loss of Rs 147 and on higher side target will be Rs 165-170."
He further added, "Allahabad Bank has already seen a sharp rally. But still stock is looking good. On whole Bank Nifty if we see then banking counters are looking good from current levels. So we are still bullish on Allahabad Bank. Rs 185 is the immediate rise tense, if that is broken then the stock can touch Rs 200-205. But stock is bullish, long position can be initiated above Rs 185."