Vijaya Bank has potential to reach to higher targets: Rakesh Gandhi, LKP

Rakesh Gandhi, Technical Analyst, LKP, in a chat with ET Now talks about Vijaya Bank.

Why do you like Vijaya Bank?

As we have seen in the past, banking sector has been a great performer in this current rally. But after everyday run up, it has been seen in all these banking stocks, it stops for a while, consolidates and restarts the move. I have been watching Vijaya Bank and at the top level, it has once again consolidated and has a scope or potential to reach to higher targets of more than 100 - maybe up to 105 and that could be pretty soon.

There is a formation which indicates that stock has a potential. It is sharp triangle formation at the top and one can buy that and hold that at the current levels with a stop loss of around 84 for a target of 105.