Be cautious in banking space, says Shardul Kulkarni

Shardul Kulkarni of Angel Broking shares his view on banking space.

Kulkarni told CNBC-TV18, "The banking stocks have been correcting in a big way, ICICI Bank is the only one that is holding out. But if you see Axis Bank, SBI and even in the private sector largecaps HDFC Bank has already fallen from the highs about 8-10%." He further added, "Intraday one may see a few opportunities here and there, like for example, SBI was down 2-2.5% in today’s trading session. So, individually one may see positions being created on an intraday basis, but positionally to go short on the banking stocks, I would again be wary of that."