Like banks, OBC can rally towards Rs 200: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "We like the banking space. Oriental Bank of Commerce (OBC) had been struggling a lot since January 2015. In fact on several occasions it gave a attempt of breaking out on the upside but after every rally there was sense of selling pressure which took the stock lower.""Now it has formed a bullish bull flag pattern, it has in fact completed it's fifth wave and estimated price target is placed around Rs 200. Along with that it had negated a negative pattern of three black crows. Whenever such negative patterns are violated, the implications tend to be extremely optimistic. So, this stock is bound to rally towards Rs 200 levels in may be next few weeks," he said. At 14:59 hrs Oriental Bank of Commerce was quoting at Rs 174.55, up Rs 2.85, or 1.66 percent. It has touched an intraday high of Rs 179.70 and an intraday low of Rs 171.25.