Buy Canara Bank, says Nooresh Merani

Buy Canara Bank, says Nooresh Merani of AMSEC Research.

Merani told CNBC-TV18, "Canara Bank is a PSU bank which has fallen a lot from the higher levels. Over the last few weeks if you see the stock has been in a side ways consolidation with a break out point in the range of Rs 443 to Rs 445."

He further added, "The stock should now give a bounce back all the way to Rs 470 to Rs 490 in the short term. Intraday traders can buy with a target price of Rs 455."