Manoj Murlidhar of IIFL PReMIA advises traders to go long on Axis Bank, Yes Bank, Syndicate Bank, IOB and Vijaya Bank.
Murlidhar told CNBC-TV18, “Banking is one sector which can dictate the direction of the market because of the weightage of almost 1/4th it has on the Nifty. Even on the roll over, the last three days, we saw long rolls happening in the banks and it was the Nifty which was being short hold, maybe to hedge the big cash portfolio of Rs 18,00 crore what FIIs have bought for the month of January.”
He further added, “Axis Bank is one stock, which is still maintaining, obviously we have the corporate news in that. But apart from that, if I have to stick to stocks which have good value at risk or good cash based buying happening and a positive momentum on the derivative side, one would be Syndicate Bank, second would be IOB and third would be Vijaya Bank. This would be the three scrips which I feel would give you a positive return. This entire analysis is based on next 20 trading sessions because the value at risk is a leading indicator. It obviously would not make any difference with three-four odd sessions. So I am talking with respect to what the Budget might bring in and we have in the next 30 odd days. So if I have to stick on to longs, it would be Axis Bank, YES, Syndicate, IOB and Vijaya Bank definitely.”
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