Sanjeev Agarwal, Head Equity of Globe Capital Market is of the view that one should sell banking stocks on higher levels.
Agrawal told CNBC-TV18, "If one sees any rise in the banks like State Bank of India (SBI) had given a kind of a false signal breaking a strong trendline for the last few days but the banking index particularly had gone exactly to a trendline and after that like somewhere around 6,200 and it had come down from 6,200 to 5,800 today."
He further added, "So these banking till now they have not cracked and they may still crack if this downfall continues for that period. Most of the shares are in a quite oversold territories so there maybe a bounce back. So we should be looking at the bounce back and we should be selling on the higher levels rather than you selling on lower levels."
Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the stocks/sectors discussed.
