Buy Dhanlaxmi Bank at 47; target 53-55: CK Narayan

In a chat with ET Now, CK Narayan, Growth Avenues Asset Advisors, shares his views about Dhanlaxmi Bank stock.

What is your call on Dhanlaxmi Bank?

I have both the calls. On the buy side, I am looking for the market to make a bottom. So, I am actually venturing forthwith a buy.

First is a Dhanlaxmi Bank because right since the morning, I am seeing that the Bank Nifty which was under considerable pressure in the earlier days is not so much under pressure today and there seems to be a little bit of willingness among these smaller price banks to witness some amount of short covering, Dhanlaxmi Bank is one among them.

47 is the current price. I would recommend a buy at this price because I can see the risk to be pretty low. Keep a stop loss nevertheless at about 44 to 45 and look for an immediate target around 53 to 55.