Buy ICICI Bank; Canara Bank looks positive: Rahul Mohindar

Rahul Mohindar of viratechindia.com told CNBC-TV18, "There is one side of the market that is worried and that why banks corrected, had a 5-6 day kind of correction over the last 7-8 days. My own sense is that if you look at the volumes on these corrections, the volume has clearly been a declining trend whether you look at State Bank of India (SBI) or ICICI Bank. Clearly, if the correction is worth getting into and again when you are at a new high or new 52-week high on the index, you want to have clear stops. So with ICICI Bank, we had a bit a correction towards the end of the day yesterday and again I would utilise such an opportunity to get into; Rs 265-267 is the clear window where I would look at buying into while Rs 259 would be my clear stop loss. If you are a near-term trader, look at Rs 280 over the next couple of days.""Canara Bank looks fairly positive, we have had a bit of a gush yesterday but if I had to look at a lot of the second rung banks, Karnataka Bank and Bank of India (BoI) would be on top on my list and that is clearly because we have seen key levels being broken out, good volume patterns over there and all of them are well above their 200-day moving averages (DMA) giving a long-term health," he said.