PSB rally to continue, can see more 10-15% uptick: Gujral

Despite global turmoil caused due to Brexit, the Indian equity indices held their ground and both Nifty and Sensex clocked around half a percent rally in today’s trading session.

All public sector undertaking (PSU) banks are looking to go higher and the current rally in PSB stocks has more 10-15 percent further to go up, says market expert Ashwani Gujral.

However most of the large stocks or indices are not showing high bars and momentum is defined by ‘how large the action is,’ he said.

He also speculates that foreign institutional investors (FIIs) might keep selling, keep re-distributing their allocation [away from India] and probably in a period of around two months, there can be a sell-off leading to much lower levels.