Buy SBI, Axis Bank, L&T on dips: Baliga

Ambareesh Baliga, Market Analyst advice traders to buy SBI, Axis Bank and L&T on dip. One can even buy BHEL around Rs 228- 230 levels.

Baliga told CNBC-TV18, “I don’t think there are too many of them beaten down now especially after the sort of rally which we saw especially in capital goods, infra, couple of these metal stocks and autos and also banking for that matter.”
He further added, “My picks again will be in the same sectors. I will still looking at buying into capital goods and infra and banking, but then surely on dips. I would look at picking up SBI, Axis Bank, L&T which has been my favorite for quite a while. We have seen a new 52-week high for that stock, but then once we have a correction of about Rs 50-60 in L&T at those levels one should look at buying closer to Rs 15-20-30 levels. BHEL, again at the levels which we saw about two days back closer to about Rs 228-230 levels."
"BHEL, fundamentally- since there is like restructuring happening in the power sector, clearly that is the main sector to which this stock belongs to and with the expected sort of flows of orders going ahead, there has been a bit of a dip as far as order flow was concerned in the last few months, that will start picking up and the market is looking at that sort of news going ahead. I think because of that and number two yes, it was a technical rebound also because we had seen that stock fall from that Rs 230 levels to Rs 195-197 levels in a very short time. So from that point of view, we also saw that bounce back."