Sell BoB, Allahabad Bank; Cipla may hit Rs 542: Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "Bank of Baroda (BoB) looks weak to me. Technically it is once again headed down. I would say that the next target is Rs 121 and after that it could even head lower to about Rs 116. However, for the day Rs 118.25 suffices. Bank of Baroda among the PSU banks has been weak, it rallied a bit but it is unlikely to sustain." "I am not impressed with the results of Allahabad Bank. Better than others maybe but the chart suggests that there has been ample selling yesterday and there could be more selling today because it has actually hit a critical area around Rs 50. So, once it slides below that it could actually head for Rs 45 kind of levels. So, my target is Rs 45.25 but before that Rs 48.50 is another good support that needs to be watched out for. Put a stop loss above Rs 53.25. These are the two PSU banks to sell," he said."Cipla will not sustain on the upside unless it takes out its 13-day moving average which is located at Rs 576. Whatever it does, it may show a bleep of a bounce. I don’t think it is going to sustain at higher levels. However, I have kept a lower stop loss of Rs 564 and a target of Rs 542. I expect that at higher levels Cipla will experience selling pressure."