Buy banking stocks on dip: Karun Mutha

Karun Mutha of HSBC Invest Direct told CNBC-TV18, "We have seen the banking stocks actually building up short positions and the private sector banks were the last to crack on. I think probably in a short-term or further trading bet, they have been overdone."

"Some kind of accumulation could be seen at lower levels or on a gap down opening today and should be an opportunity to trade on buying at lower levels," he said. At 10:54 hrs State Bank of India was quoting at Rs 1,474.65, down Rs 45.25, or 2.98 percent.It has touched a 52-week low of Rs 1,452.90. The share touched its 52-week high Rs 2,550.00 and 52-week low Rs 1,488.80 on 10 January, 2013 and 20 August, 2013, respectively. Currently, it is trading 42.17 percent below its 52-week high and 0.95 percent above its 52-week low. Market capitalisation stands at Rs 100,871.07 crore.