Canara Bank good buy, target Rs 303: Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "We want to identify stocks which are now correcting without any fresh formation of short positions.Punjab National Bank (PNB) is showing strength. Canara Bank, Bank of India, State Bank of India (SBI) are not seeing any fresh formation of short positions and their rollovers from June series to July series were also not very significant which states that the kind of fall which these stocks have seen over last six months or so, same kind of fall may not continue though we are not saying that from here the bull run would start but the downside looks very limited."

"Specifically from trading perspective Canara Bank is a good buy. Yesterday we did see the stock going down, it closed down but managed to close at day's high and we have seen reduction in open interest rather than formation of short position. So I believe for couple of days when market is uncertain and there would be some volatility, these names can bounce back. We do not have very aggressive target price," he said.

"However, I am expecting today there might be some 0.5-1 percent corrections and if you buy then your target should be around Rs 303 and stop loss should be Rs 271," he added.