Pick ICICI Bank from private banking space: Abhimanyu Sofat

Abhimanyu Sofat of IIFL told CNBC-TV18, "We have been extremely bullish on ICICI Bank because we believe that as the economy revives, the credit growth which had come down to around 8 percent is going to bounce back beyond the nominal GDP growth by 5 percent."

"So, clearly around 17-18 percent kind of growth is likely. With the new norms coming by the government and RBI, I think there will be a resolution to the NPA issues. Interest rates also till four months ago it was looking like they may go up but it now seems they are more likely to be stable," he said.

"Considering those factors I do believe that stocks like ICICI Bank which are currently trading at around 1.8 book value, would be a preferred pick in the private banking space."