Chandan Taparia, derivative & technical analyst at Anand Rathi Sec told CNBC-TV18, "There are many stocks, which are showing the momentum with the fresh buying interest and the short covering activity like YES Bank, Syndicate Bank, Canara Bank, Punjab National Bank (PNB), Bank of Baroda (BoB) and I am expecting the positive move likely to continue and we may see 3-4 percent further rally in the stocks.”
He further added, “YES Bank is moving after the consolidation of last 20-25 trading session. The way shorts are covering for the last two-three trading sessions, now some fresh buying may come in the counter and holding above Rs 320 may take momentum towards Rs 340-345 levels.”
“IndusInd Bank maybe the best pick. This stock is moving after the consolidation and holding above Rs 405. It may continue the move towards Rs 430-435 levels.”
“In other banking stocks one can go for Syndicate Bank. The immediate support is at around Rs 82.50 and on the upside we are expecting a target towards Rs 90-91 levels.”
“The same levels are with Canara Bank also. The stock is moving after the long consolidation. The rising open interest (OI) with the trading volume indicates the positive move may continue and this stock also can target towards Rs 238-240 levels. So buying interest and momentum are expecting in all the banking stocks with the Bank Nifty index,” Taparia said.
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