Market recovery will be led by large cap banks: Mantri Finmart

Arun Mantri, founder, Mantri Finmart, has said that there is resilience in Bank Nifty. On this basis, he has given buy recommendations on lenders Kotak Mahindra Bank and State Bank of India. Mantri Finmart founder has given Kotak a price target of Rs 1,784 per share with stop loss of Rs 1,690. On Wednesday, the scrip closed in green at Rs 1,737 per share on the BSE. Mantri thinks the private lender will perform well from current levels. He said his call on Kotak is purely for trading. His view is for next 3-4 days.

Target Price of Rs 798 on SBI:

On the other hand, he has given price target of Rs 798 per share to the public lender, the SBI. He said, “Electoral bond issue led to correction in the stock. But now people can buy the bank around Rs 745-748 levels. Put stop loss of Rs 722.”

Mantri said he has given buy recommendations on these two banks because he thinks if there is recovery in the market, then, it will be led by large cap banks.

HDFC Bank for long term investment:

On another private bank sector juggernaut, the HDFC Bank, Mantri said “Investors can look for fresh entry in this stock at current levels. They can also apply buy on dip strategy. This is purely an investment call.” On Wednesday, the bank’s scrip closed in green at Rs 1,461 per share on the BSE.

Solar Industries looks technically strong: Arun Mantri

 On Wednesday’s sharp plunge in renewable energy stock, Solar Industries, Mantri said, “The stock is technically strong. If someone can get into the stock at around Rs 7,000 per share then it will be a perfect entry because we have seen a breakout in this stock at this price.” The scrip fell four per cent to Rs 7,349 per share on the bourses.

Rs 480-490 share price target for ITC: 

Asked what one should do with ITC after BAT sale, he said, fundamentally there is no problem in the stock. He said he has set price target of Rs 480-490 per share on the scrip. If people can get the stock around levels of Rs 400, then, it will be a very good price for the stock.

On Wednesday, ITC closed more than four per cent higher at Rs 422 on the BSE.

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