Buy banking stks for long term: Sukhani

Technical Analyst, Sudarshan Sukhani is of the view that one can buy banking stocks for long term and then average down on the downside.

Sukhani told CNBC-TV18, "Nothing is looking strong in the banks. They have gone through a very deep downtrend and now together with the broad market, they have also bounced back. But the bounce back is not significant enough to say that this is a base has been built and there is a breakout possible. This is just a relief rally that applies to the Nifty also. So I don’t think banks should be bought. If you are a long-term investor and if you are prepared to buy on the way down, then you can as well put some money in banks and then average down on the downside but that’s a very long-term strategy. For traders I don’t think they should be taking positions in anticipation of higher prices."