Buy IDBI Bank on dips: Anu Jain

Buy IDBI Bank on dips, says Anu Jain, VP, IIFL Private Wealth Management.

Jain told CNBC-TV18, "Midcap banking has shown strong resurgence over the last couple of weeks. We saw how UCO Bank traded yesterday. I feel that IDBI Bank can. Obviously the market is going to open about 60 points down. So, there is going to be some kind of a pull down from yesterday’s levels. They’ll probably open closer to Rs 112-111. I have said you can buy IDBI Bank on dips right up to Rs 106 because that is where this time the breakout in it happened and it has gone right up to those Rs 118 odd levels."

She further added, "The breakout will actually happen beyond Rs 118 and I think the target in three to six months can be as high as about Rs 147 to Rs 150. So, I would keep a stoploss of Rs 105.90 because the trend began at Rs 106 and I’d pick up on dips. The idea is when the market gives you opportunities like how it gave yesterday and today, we can pick up stocks on dips like IDBI Bank, not just for day trading but also for about three to six months.”