Buy SBI, PNB on dip: Baliga

Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS SBI looks good for Intraday: Astroprofit Accumulate SBI, says Sajiv Dhawan Hold SBI, says Sudarshan Sukhani ALSO READ See previous views by Ambareesh Baliga See what other Experts & Brokerages are saying about SBI See messages about SBI SBI BSE | NSE 17/02/12 Are Mutual Funds betting on SBI?

Buy State Bank of India and Punjab National Bank on dip, says Ambareesh Baliga of Karvy Stock Broking.

Baliga told CNBC-TV18, "We are not wary about PSU banks as such but I think because of this it would correct. But I do not think there would be any sharp correction as banks are concerned."

He further added, "In case there is a decent correction, we would look at buying State Bank and Punjab National Bank. So I would utilize any sharp correction to buy into these PSU banks from a longer term perspective."

At 10:01 hrs SBI was quoting at Rs 2,035.25, down Rs 23.25, or 1.13% with volumes of 55,520 shares. Market capitalisation stands at Rs 129,214.00 crore.

The company touched its 52 week high Rs 2,500.00 and 52 week low Rs 975.00 on 16 Oct, 2009 and 19 Mar, 2009, respectively. Currently, it is trading -18.59% below its 52-week high and 108.74% above its 52-week low.