With the pressure likely to continue for even private banks, Vaibhav Agrawal of Angel Broking would look at entering into defensive ones like HDFC Bank, Axis Bank and would wait for lower levels to enter Yes Bank.
With both the PSU banks and private banks under immense pressure in trade on Friday, Vaibhav Agrawal, VP Research Banking, Angel Broking believes it could be due to worries of the rupee depreciating further.
Apart from the currency worry, PSU banks are also bogged down by asset quality pain. Going forward he sees more pressure for the steel sector and with PSU banks having around 7-9 percent exposure to these stressed assets they would continue to remain under pressure.
Meanwhile, he is neutral on Bank of Baroda.
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