Buy Federal Bank, target Rs 155: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "Federal Bank is completing its correction and beginning its original upmove. The stock is moving along with a support of its 100-day moving average and in the process it has also given a breakout from a triangular pattern. All the chart patterns are suggesting there could be more upside going forward. So buy Federal Bank for target of Rs 155."

At 14:23 hrs Federal Bank was quoting at Rs 143.35, up Rs 4.55, or 3.28 percent. It has touched an intraday high of Rs 145.20 and an intraday low of Rs 141.35.