Buy Allahabad Bank for Rs 145-143

ET Now caught up with Sandeep Wagle, Founder & MD, Aptart Technical Advisory Services for his recommendations this morning.

Allahabad Bank may be a buy but you have a sell on HDFC Bank, would you play contrarian through this sector?

Yes, because Allahabad Bank the weekly pattern is extremely positive, close has been strong, it has broken out of a band high volume. So I would like to buy it with a two to three-week view in the range of Rs 145 to 143, I am looking at a stop loss of Rs 138 and a target of Rs 158 and at the same time, HDFC Bank in the short term, I expect that to fall from Rs 1801 to Rs 1815 is my selling level.

Stop loss of Rs 1826 and a target of Rs 1730. So two three days we may witness a fall or uncertainty and that is a time to buy Allahabad Bank on declines and play for a weekly up move and HDFC one can trade for a 4% to 5% downside.