Keep Rs 205 stoploss in Allahabad Bank: Thukral

Keep Rs 205 stoploss in Allahabad Bank, says Hemant Thukral, Head, Derivatives Research, SBI Capital Securities.

Thukral told CNBC-TV18, "The first test for me the way the midcap PSU banks have behaved. We all know the trading positions have been half literally of what we have seen in last four series. So there is no trading interest in the midcap PSU banks. Yesterday, first signals because Allahabad Bank saw some open interest built up."
He further added, "Today is the result, so that is the risk in this trading strategy but keeping a stop loss of Rs 205 on it and I feel the way the positions have been added on the long side, the target of the stock can be kept at Rs 216-218. But tight stop loss has to be maintained at Rs 205 because of the result but I think today you will see the tone set up for all the smaller midcap PSU banks, which have not seen till now any major trading positions being built up."