Chandan Taparia of Motilal Oswal Securities said today, "We have positive view on selective private bank compared to the PSU banks. So recommending to go long on Yes Bank. The stock has been respecting to its rising support trend line and after the consolidation of last three weeks, stock is all set to head towards new high territory. So recommending to buy with a stop loss of Rs 1,730 for an upside target towards Rs 1,840-1,850 level."
"Second trade is from NBFC space. We have seen buying interest in most of the NBFC companies and built up of long with rollover activity indicates that this strength would continue. However, here we are picking to go with LIC Housing Finance. It has negated the lower top lower bottom formation on the weekly chart and given a reversal. So, expecting a sharp move towards Rs 710-720. One can buy with a stop loss of Rs 660," he added.
"Last trade that is on option side, negative sentiment on the PSU banks. We are expecting Canara Bank to decline towards Rs 330-320 levels. The stock has failed to surpass immediate hurdle, so, some weakness could continue to drag it to lower levels. One can buy 330 Put by putting a stop loss of Rs 5 and this Put can move towards Rs 14," he added.
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