Stay away from banking space: Baliga

Ambareesh Baliga, Market Analyst advice traders to stay away from banking space.

Baliga told CNBC-TV18, “I have been saying for a while especially the last month or so that it is possibly time to move out of the PSU banking space and move into private sector incase you want to remain in banking. But again looking at the economy, the way the situation is clearly you will have the NPAs moving up unless ofcourse we are able to kick start the economy which I think is a bit difficult given the situation and the more we delay its going to be more difficult going ahead.”
He further added, “I am not that optimistic as of now so I would tend to stay away from the banking sector atleast for a while and looking at the impending elections in 2014 or possibly earlier I really don’t know whether there could be another like farm loan waiver, in case that comes I think that will be another negative for the sector.”