Hitendra Vasudeo of stockmechanics.com has suggested day traders to buy Allahabad Bank above Rs 139 to achieve an intraday target that lies between Rs 147-163.

Today, Allahabad bank opened at Rs. 131.70, after the previous close of Rs. 129.30 at BSE. Presently (1:06 pm), the stock is trading 7.89% up at Rs. 139.50 on BSE.

The stock opened at Rs. 132, after the previous close of Rs. 129.50 at NSE. At present, the stock is trading 7.41% up at Rs. 139.10 at NSE.

The traders are suggested not to sell this stock before achieving the said target. They should use Rs 133 as stop loss for the day.

The stock is currently trading at a P/E multiple of 7.31. The net profit for the last quarter was 750.14 crore, and the company has great expectations from the results to be announced this month.

Mr. Vasudeo has also suggested some other banking stocks that look good for intraday dealings today, including PNB, SBI and Canara Bank.