Go long on Development Credit Bank: Hemant Thukral

Hemant Thukral of SBI Capital Securities advised going long on Development Credit Bank. He feels that the stock can surge up to Rs 64-65.

Thukral told CNBC-TV18, "Development Credit Bank is a midcap bank which has outperformed all midcap banks till date. What we have seen is that every low levels it has attracted lot of buying. On Friday itself the stock saw an addition of 8% on the long side. The cost of carry has moved up, the delivery volume on cash front has moved up. Stock has seen a lot of consolidation around Rs 58-59 levels. What we expect is that the stock can further surge up to Rs 64-65 in coming weeks. So traders should go long on this stock."