Atul Badkar, VP - Institutional Equities - Derivatives Desk of Edelweiss Securities told CNBC-TV18, "Across banking at least in the largecaps one has seen short covering which was a bit overdone. In some of the midcap banking names we saw few genuine long build-ups as far as open interests are concerned."
He further added, "Going forward, after the kind of moves given by ICICI Bank and Axis Bank, one can get 4-5 percent here for the short-term, but amongst the largecap names, State Bank of India (SBI) is one stock, which we think not just on charts, but seeing how it has behaved on its patterns and on the open interest. From Rs 1,630-1,640 one can get another 8-10 percent upside maybe even close to Rs 1,700." "It is the only largecap bank that we would be betting on immediately, but by and large I do not think one wants to take any fresh longs on banks from where we are today. There will be some follow-up buying that will continue today, but that will be short-lived," Badkar said. Also Read: Rajan talks about deepening mkts, plugging leakages: SBIDiscover 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!
