Dips to around 320-310 a good range to accumulate Federal Bank: Devang Visaria, devangvisaria.com

Devang Visaria, Chief Strategist, devangvisaria.com, in a chat with ET Now talks about Federal Bank, Dena Bank and Tata Steel.

What are your views on Federal Bank, Dena Bank and Tata Steel?

We have seen a very sharp run in Federal Bank up from around 270 or so from mid-May to a high of 333. Right now, we are seeing some consolidation move on Federal Bank. So on any dips to around 320-310 should be a good range to accumulate this stock for the next leg of up move.

Dena Bank is just consolidating near its previous highs. So if you have, say, 5% up move from these levels, then you will see good momentum coming into this stock. Possibly above 94, you could see strong momentum. Then look for targets of closer to 105-110 for Dena Bank.
In Tata Steel we are looking for some pullback rally to around 520-525, but it is still eluding us and in fact the stock has just been fiddling at these levels of 475-490 range. So if it were to crack below 475, that pullback chances would be dashed up. So it is safe to have a stop loss of 475 on Tata Steel and continue with longs. Look for targets of 510-525.