Banking stocks may add 2%, says Anu Jain, IIFL Private Wealth Mgmt, IIFL.
Jain told CNBC-TV18, "If you look at the major movers which are there, whether it is a State Bank or an ICICI Bank or HDFC Bank; all are showing weakness, so this is a pullback which can happen for another couple of percentage points for sure. So you can basically see another 2% coming up but I think it is going to further meet a lot of resistance at those levels. So I think there is a good possibility that it may move up a bit but then it is going to go back and test back the lows that it made a few day back and probably break that. So I would be very cautious to take a long position but I would initiate short slowly and steadily on to the counter definitely."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
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