Go long in Canara Bank, advises Ashish Chaturmohta

Ashish Chaturmohta of Fortune Group told CNBC-TV18, "We are seeing a good amount of long build up in the banking space. Particularly in the midcap PSU banks, we are seeing a lot of buying interest emerging in last three or four trading sessions. Stocks like Canara Bank, Oriental Bank of Commerce and Karnataka Bank have witnessed addition of almost 8-10 percent in terms of open interest clearly on the long side."

"Canara Bank is one stock which has also formed a good double bottom formation around Rs 294-293 and given a good breakout on the daily charts above Rs 300. So, we are recommending a long call in Canara Bank with a stop loss below Rs 295 and on upside expecting a target of Rs 315 in next two to three trading sessions," he said.