Go long in Andhra Bank, says Kunal Saraogi

Kunal Saraogi of Equityrush told CNBC-TV18, "Andhra Bank looks really good on the charts. If you look at the chart, there is a rounding bottom on its daily chart which I think is very positive. It is a rare pattern and now that it has formed on Andhra Bank, the stock can go beyond Rs 100, but the first target will be Rs 86. One should initiate a long position with a stop loss at Rs 82."

At 13:19 hrs Andhra Bank was quoting at Rs 82.90, down Rs 2.45, or 2.87 percent. It has touched an intraday high of Rs 85.60 and an intraday low of Rs 82.85.

Disclosure: Analyst does not have any positions in the stock.