Sukhani upbeat on banking sector

Sudarshan Sukhani of s2analytics.com is upbeat on banking sector. He also add that one should get out of Ranbaxy Laboratories, that’s having a very poor chart in the current context.

Sukhani told CNBC-TV18, "Reliance Industries till it reaches Rs 850 and crosses that by a minor amount is good and for L&T there are no levels as such. It’s been a distinct underperformer but maybe it will move up enough to add something to the index. I think the biggest boost to the index will come if the banks will do what they are doing today and continue to maintain their momentum. The bank index has just broken out today. Yesterday also it was on a boundary of a trading range. So I would expect significantly higher prices here. I am not binding myself and saying okay, ICICI Bank has a target of Rs 1,075 or Rs 1,100. Why should that be? We will just say so far as momentum is up we want to be in the banks just to add that disclosure, while we are almost over with then Nifty we do have our Bank Nifty positions." He further added, "I would get out of Ranbaxy Laboratories, that’s having a very poor chart in the current context and for the others I would just say that in general as I have already explained for the Nifty it’s a very wise and good time to take profits wherever you want. If you are a short-term trader you should be trading light. We have had a very nice rally. Let’s not push our luck. Markets invariably consolidate and correct."