Book profits in ICICI Bank around Rs 900, says Sandeep Singal, Co-Head Institution Equities, Emkay.
Singal told CNBC-TV18, "ICICI Bank has run up to about Rs 900 level one should pair the long positions there. IDBI Bank , I am not really aware, but tactically we are bearish on larger PSU banks as compared to the private banks. Profit booking was seen in all sectors except IT and pharma."
He further added, "What is happening is mostly metal stocks are hovering because of the global liquidity, but FED is keeping the interest rate low and the European Union coming and stimulating some USD 550 billion, but if you see the demand side that is continuously going down that is very pretty evident from the capacity utilizations of various steel manufacturers etc and particularly the Indian players are struggling because there is no iron ore available like JSW kind of a steel companies. So, it looks like this is more of a global cyclical and definitely avoidable or short in my view."
