Prefer SBI, ICICI Bank, says Hemang Jani

Prefer SBI and ICICI Bank in the banking space, says Hemang Jani, Sharekhan.

Jani told CNBC-TV18, "One of the thing that we think is that most of the people feel that we are somewhere close to bottom, though it would be difficult to pin down the exact level. But people who have three-four months kind of a view on the Nifty and where they do not want to take a possible risk on the way down, I think it makes sense to buy a slightly out of the money 5,500 or 5,600 June or December 2011 Call. I think that would give you are very good upside potential."

He further added, "Otherwise, we feel that broadly the market has actually corrected quite a bit. If you see individual stocks, the carnage is so much that most of the price damage that we think has happened. So, it requires some kind of convention, some kind of a confidence for one to really participate in the known largecap names. I think with a three-six months perspective, one can definitely look at buying into some of these stocks. In the banking space like State Bank, ICICI Bank. Also L&T, IDFC, Tata Steel, TCS, these are the stocks which one should go in for at this point of time."