Exit Tech Mahindra, says Ambareesh Baliga

Baliga told CNBC-TV18, "Overall in the IT space itself I have been cautious for a while. So even at these levels one should be exiting both Tech Mahindra as well as Satyam. Although results were good but it has already played out. So really don’t see too much of an upside from here. So I think it is time to get out."

He further added, "Private sector banks will play the catch up now because we have seen a decent correction in the PSU space. So I suppose the private sector will now start correcting and I will not be surprised if we see a correction as high as possibly about 4-5% for some of these private sector names including ICICI Bank, Axis Bank and Kotak Mahindra."