Buy SBI, Canara Bank at current levels: Sukhani

Sudarshan Sukhani, s2analytics.com advice traders to buy SBI and Canara Bank at current levels and one can avoid L&T at these levels.

Sukhani told CNBC-TV18, “I would avoid L&T. It is reacting to its numbers and is at 52 week highs for a long time now. It is reaching a point where I would assume L&T will go through a correction or distribution or a choppy market. So this is not a time to buy. All stocks go through these phases of optimism, pessimism, up down. We are at the top of that phase now. I wouldn’t buy it.”
He further added, “Bank of Baroda and Syndicate Bank both are not in my buy list. PSU Banks are exhibiting a very interesting tendency. Some of them are clearly ready for breakouts on the upside and some of them are suggesting that after that sharp run up we have seen in the last one month, these stocks are going to take a period of rest. So both these stocks BoB and Syndicate Bank are likely to see a period of rest. Stocks like State Bank of India and Canara Bank are going to be upbeat and are likely to be bought into.”