Rahul Mohindar of Viratechindia is of the view that one can find safety in banking sector. SBI , Axis Bank and HDFC can put on a good show, he added.
Mohindar told CNBC-TV18, "The banks are likely to stay sideways and finally move on the upside. If you look at someone who has been invested into banking, something like an Axis Bank around Rs 650-700, he is pretty much stayed safe. So it is a sector where people will find safety. It is a sector which possibly has come to major long-term supports. I am not very convinced on something like an ICICI Bank as yet but if I was looking at SBI, Axis or even an HDFC - these three frontrunners could really put on a good show."
He further added, "If the Nifty shows strength, then banking and IT are the two sectors our eyes should possibly be on and one could see tremendous upsides coming in provided the Nifty breaks out. But again we are not seeing those signs coming in from the main index and it is definitely a mix bag when you have stocks like Reliance etc, dragging the market down. One really cannot expect a sudden upmove or a big momentum coming its way here."
Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the stocks/sectors discussed.
