Use upside to book profits in brokerage stks

Ambareesh Baliga of Karvy Stock Broking is of the view that one should use any upside to book profits in brokerage stocks.

Baliga told CNBC-TV18, "Looking at the broking space I think the best is behind us, at least looking at the next couple of months, at least the next one-year and very clearly the operational costs are moving up, whereas brokerages rates have come down the volumes have come down. So there is no way that you can give that high discounting for most of these broking stocks, I mean I am talking of Geojit Financial, Motilal Oswal are crossed. Any upsides you see should be utilised to book profits because at least for the next 12-months, I really don’t see these stocks crossing their earlier highs."