Syndicate Bank has target of Rs 125: IIFL

Syndicate Bank has target of Rs 125, says Amit Harchekar of IIFL.

Harchekar told CNBC-TV18, "The bank index is into a consolidation zone; yesterday itself the Bank Nifty has violated the rising support line, so right now the resistance for CNX bank index stands at 11,300, so I believe we might be trading into this range of 10,800 to 11,300 on the upside."

He further added, "As of now Syndicate Bank is looking good on charts. We had a good breakout from inverted head and shoulder, so that give an upward projected target of somewhere close to Rs 125. So as of now if anyone is initiating long positions, Rs 118 should be the stop loss."

"One should also watch out for ICICI Bank since it