BoB, Bank of India, Oriental Bank look weak: SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, “I am keeping my negative stance on the Bank Nifty till end of this series that is next Thursday and if you see the run up I do not think that the run up of Punjab National Bank (PNB) to the level of Rs 850 maybe three-four days back was justified, because that has come purely as a trading bump seen in the stock."

He further added, “If one really takes a call going forward I am not saying that SBI is going to take a further hit from hereon, but considering the trading position I do on think that there is any point in taking a long call. Maybe PNB can correct to a level of Rs 750-745, even Bank of Baroda (BOB), Bank of India (BOI), Oriental Bank of Commerce (OBC) all are looking weak. So I do not think that anyone will really be creating the long positions and the kind of longs which we have seen in all these PSU banking stocks are going to get liquidated which may keep all the counters under pressure. Even SBI may find support at a level of about Rs 2,100 or so. Wait for the expiry of May series. Look where it closes, but if somebody can initiate the long positions maybe a day before the expiry in June series or maybe on start of June series, that will be quite rewarding. So remain away from the banking stocks at least for this next one week or so."