Bullish on UCO Bank: Jitendra Mehta

ET Now spoke to Jitendra Mehta, Technical Analyst, Edelweiss, on and his stock pick.

In terms of levels that we are seeing now, do you think that going forward, this momentum has already started picking up, 5400 now will start forming a new base for the markets from hereon?

If you look at from this point onwards till the expiry of the current series, market should maintain some kind of positive bias. The momentum is already positive and we are heading towards 5500 with 5400 as a good base and possibly, we might see some sideways consolidation around 5500 then.

What do you like in the banking financial space? A lot of stocks are moving around, any favourites?

In fact, I have been liking UCO Bank all the while from the move which started from 58-60. This has broken its lifetime high levels today also because of some stellar numbers. The stock is due for some re-rating also.

Another stock which we like is Dena Bank which is now knocking around this Rs 100 barrier. Possibly that is also heading towards 110-115 range. So these both are our favourites for sometime and we will maintain our longs on both.