Exit Allahabad Bank, advises Thununguntla

Jagannadham Thununguntla, Strategist & Head of Research, SMC Global Securities Limited is of the view that short tem trader should exit Allahabad Bank.

Thununguntla told CNBC-TV18, “Allahabad Bank had very bad set of results in almost every parameter one can think of. It makes sense to exit at the short-term. I feel there can be some definite unwinding of portfolio positions from the bank. While some other banks have shown slightly better situation in terms of their asset quality probably if one is keen on that one can shift to those banks who have better asset quality." He further added, "Moreover some of these midcap private sector banks like South Indian Bank are looking an interesting play both considering on the asset quality position as well as from the takeover opportunities. So it is a good time to exit from Allahabad Bank and may be think about some of these midcap private sector banks.”