Rahul Mohindar of Viratechindia is of the view that ICICI Bank and HDFC Bank seem to be smart picks at these levels. 

Mohindar told CNBC-TV18, "Autos is in the finest form. I think banking is not certainly far behind, its just that a lot of traders have actually bought into the stocks but if you are looking at this market from not just a trading perspective, maybe banking is a safer heaven."

He further added, "If you look at ICICI Bank or HDFC Bank, these seem to be a smart pick at these levels or even for that matter a frontline heavyweight like SBI, medium term perspective look fairly steady on these so look at this sector for a medium term scale a three month plus timeframe and one should be doing well."