HDFC Bank may rally towards Rs 695: Pritesh Mehta

Nov 29, 2013, 02.22 PM IST

Pritesh Mehta of IIFL is of the view that HDFC Bank may rally towards Rs 695 in next two-three trading sessions.

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HDFC Bank may rally towards Rs 695: Pritesh Mehta

Pritesh Mehta of IIFL is of the view that HDFC Bank may rally towards Rs 695 in next two-three trading sessions.

Like this story, share it with millions of investors on M3

HDFC Bank may rally towards Rs 695: Pritesh Mehta

Pritesh Mehta of IIFL is of the view that HDFC Bank may rally towards Rs 695 in next two-three trading sessions.

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Pritesh Mehta of IIFL told CNBC-TV18, " HDFC Bank has an excellent chart pattern. This is showing first signs of an upmove. We can see pattern of higher highs, higher lows coming in on the early chart as was a triangle breakout taking place on the daily chart. Among the largecap banks, this particular stock looks impressive and I believe that we can see a sharp rally towards Rs 695 in may be next two-three trading sessions."

"Other stock from the public sector undertaking (PSU) side is State Bank of India (SBI). It is not looking as strong as HDFC Bank but it is one of the safest bets from the PSU banking space. It is showing a similar chart pattern as Bank Nifty index and it is breaking off from a triangle pattern. It is holding on to the support of a rising trendline from the month of September and I believe we can see an upside of at least Rs 100 in next four-five trading sessions in this counter," he said.

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