Buy Corporation Bank; target Rs 365: Pritesh Mehta

Pritesh Mehta, Senior Technical Analyst at IIFL told CNBC-TV18, "Corporation Bank has not participated for the last couple of months now. On the daily chart the stock has given a breakout from inverted head and shoulder pattern also this breakout has taken place after two months of consolidation and on the weekly chart the stock has given a breakout from a downwards slope trend line. There are back to back breakouts on the short-term and the medium-term charts. So buy Corporation bank for the target of Rs 365.'

At 15:04 hrs Corporation Bank was quoting at Rs 339.05, up Rs 13.05, or 4.00 percent on the BSE.

The share touched its 52-week high Rs 417.50 and 52-week low Rs 220.10 on 09 June, 2014 and 24 February, 2014, respectively.

Disclosure: Analyst might have recommended above trading idea to his clients, but no personal holdings.