Banking stocks may add 2%: Anu Jain

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."