Buy Oriental Bank of Commerce, target Rs 147: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "I believe Oriental Bank of Commerce is bottoming out. Bottoming out is a process in which the stock tends to go through a period of sideways consolidation and virtually doing nothing. This counter, after one month of consolidation is now breaking out from a rounding bottom pattern. So I believe that the downtrend that we have seen in the last couple of weeks is coming to an end. OBC is likely to resume a new uptrend. Buy it for a target of Rs 147."At 14:41 hrs Oriental Bank of Commerce was quoting at Rs 137.05, up Rs 4.15, or 3.12 percent. It has touched an intraday high of Rs 137.80 and an intraday low of Rs 130.Disclosure: Analyst has recommended to his clients but has no personal bias.