OBC may move to Rs 147, says Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "I am not very optimistic with Bank Nifty. So Oriental Bank of Commerce (OBC) buy doesn’t implies that I am optimistic on Bank Nifty. If I can just cover Bank Nifty, we are seeing that the rallies are happened because stocks like ICICI Bank, Axis Bank has bounced back from lower levels. That has resulted in to a rally. We haven’t seen huge formation of long positions. These stocks still remains a sell on rise for us."He further added, "There are a lot of built ups can be seen in Punjab National Bank (PNB), last time I was mentioning this is the stock one should keep an eye on. Maybe short getting built up in PNB, but stock prices are not doing good. In OBC also for the last one week there are huge positions, which have got created but unlike other public sector undertaking (PSU) banks, this stock is showing signs of moving up.""The stock has gone up from supports of Rs 134-135 to Rs 140. It is not a big move but it is doing well, seems to be long positions added. We don’t have aggressive target price here. I am expecting a move upward towards Rs 147 odd levels, not more than that and fix a stoploss somewhere around Rs 134.""It is a pure trade where we are finding that market is in a good momentum. We are unable to create short positions at higher levels. Midcap stocks are doing well and hence this stock can probably give you 4-6 percent return. If anybody is anticipating that I am trying to say that bottom has been made in OBC, answer to that is no, this is just a bounce back play, it is not a positional play," he said.