Avoid JSW Steel, JSW ISPAT Steel: Baliga

Avoid JSW Steel and JSW ISPAT Steel, says Ambareesh Baliga, Market Analyst.

Baliga told CNBC-TV18, "I doubt whether there is much of an upside right now looking at the scenario as far as steel is concerned and this anyway is not really in too much of favor of the retail investors. So from that point of view surely I think JSW ISPAT Steel and JSW Steel, one should be avoiding."
He further added, "PSU banking space did fall decently well in the past couple of weeks and now I think it’s clearly the private sector banks which have started to fall. So, I think the downside is still more for most of these private sector banks now."
"Axis Bank - I’ll not be surprised if we see levels of closer to about Rs 875-900 so I think at those levels one should look at buying from a longer term perspective but even from a trading angle right now I will possibly avoid."