Surana told CNBC-TV18, "I am neutral on State Bank of India. If I had to I would remain out of the money call, the implied are decent there but I think the public sector banks are still relatively cheap and one can go with them."
He further added, "As far as Reliance is concerned, I think it's fairly valued to slightly overpriced; it has been a sharp rise yesterday. I think one can ride slightly out of the money call or at the money call because the December results will not be that exciting and this takeover will take some time, the markets will forget maybe after few weeks and the results will come into play before that. So maybe one can ride and at the money call."
