Sell Syndicate Bank with a target at Rs 58: Chandan Taparia

Chandan Taparia, Derivatives Analyst - Equity Research, Anand Rathi Financial Services recommends a sell rating on Syndicate Bank with a target price of Rs 58 and a strict stop loss placed at Rs 64 in intra-day trade. The stock has gained 15 per cent so far in the calendar year 2016. The stock is looking bullish on the charts.

Syndicate Bank is a high beta stock (1.04) and is trading well below its 50-day, 100-day and 200-day moving averages at Rs 65.90, Rs 67.73 and Rs 79.08 respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 4.68 and P/B of 0.29.