Buy Allahabad Bank, advises Manas Jaiswal

Manas Jaiswal of manasjaiswal.com told CNBC-TV18, "Many public sector undertakings (PSU) banking stocks are showing strength today but I have chosen Allahabad Bank because it is making inverse head and shoulder pattern on a daily chart. The neckline is placed at Rs 127. Looking at the pattern it seems it can break the neckline."

"If it breaks the neckline then it can come up around Rs 145 but the short-term target should be Rs 127. It can achieve this short-term trading target in next two to three trading sessions. So one can buy it with a stoploss at Rs 118," he added.

At 13:40 hrs Allahabad Bank was quoting at Rs 122.25, up Rs 2.55, or 2.13 percent. It has touched an intraday high of Rs 123.60 and an intraday low of Rs 118.20.