Buy Bank of Baroda, target Rs 198: Manoj Murlidharan

Manoj Murlidharan of Religare Securities told CNBC-TV18, "Bank of Baroda (BoB) is a buy. The levels of 15,777 to 16,600 in Bank Nifty is where we have found the value address actually come down. It has come down even below a sector like cement. That is exactly why we feel banks would definitely see buying and it is seeing buying. We are expecting the banks to align the Nifty on the positive bias. That is why we expect this range and the market will be let us say 7,500-7,600 on the downside and may be at 7,900-8,000 on the upside." "Bank of Baroda tops the list because of the quantum of derivative short covering and the long build up that has come with a cost of carry, so that is a buy call from our side. The level of Rs 178 is where we recommend one should buy current month futures. Stop loss should be Rs 168 and Rs 198 is the target on it," he said.