Buying opportunities seen in banking space, says Bhat

Buying opportunities is seen in banking space, says Dilip Bhat, Joint MD, Prabhudas Lilladher.

Bhat told CNBC-TV18, “Banking is one area which also is surprising us as to what is causing this kind of weakness in the banks at the moment because both ICICI Bank and Axis Bank both have come out with a good set of results. PSU banks also if you were to take Bank of India (BOI) as one of the examples that probably the asset quality deterioration appears to have the worse seems to be behind.”
He further added, “Bank of Baroda (BOB) has reported slippages in the asset quality but that is because it had not participated largely in the earlier deterioration, so I am also a little surprised. But I think its not just confined to the banks if I am correct, I think the selling is across and it appears to be kind of an index related selling because even the buying also had happened in that fashion that it was entirely index related, so nothing specific as to what is happened with the banks. I would rather look at the opportunities to buy bank atleast for short term for next two to three months atleast.”