Metals still under dark clouds; buy ICICI: Fairwealth Sec

In an interview to CNBC-TV18, head of equities at Fairwealth Securities, Sharmila Joshi feels the cycle for banks would turn if the investor has a two-year view point. She advised that ICICI bank is worth buying if it goes down below Rs 700 levels.

According to her, the dark clouds will linger for a little more time in the metal space. She further suggested buying stocks like L&T, Bharti Airtel and SAIL to make a good portfolio, but also indicated that we could possibly see lower prices again. Here is the edited transcript of her interview to CNBC-TV18. Also watch the accompanying videos. Q: What's your call on ICICI Bank?
A: The investors should hold on. We have seen a lot of concerns on ICICI bank largely with relation to the NPA issues. When it goes down to a price below Rs 700 levels, then it becomes worth buying again.
If the stock goes to the levels of lower than Rs 680 or so, one should possibly look to average a little so that over a period of time, the acquisition price also comes comfortably below Rs 820 levels.
If the investor is looking at a two year horizon, the cycle for banks will be turned. Possibly, some of the concerns on ICICI have been overdone. For a two-year horizon, one can hold on to ICICI bank. Q: Should one chase Apollo Tyres?
A: Once we start seeing rubber prices come off, that is when Apollo Tyre