IDFC may test Rs 148- 154, says Baliga

Ambareesh Baliga, Market Analyst feels that IDFC could see levels of about Rs 148-154 on robust quarterly results.

Baliga told CNBC-TV18, “Avoid all the PSU banking space at this point of time. I think if one needs to remain in the banking space be with the better private sector names like HDFC or Axis Bank but overall I’d suppose for the next atleast one quarter you’ll have the banking space not really performing too well especially with the asset quality which is there unless that starts improving which I don’t think can happen too soon. I don’t think people should be looking at banks really at this point of time.”
He further added, “IDFC numbers were extremely good but then we have already seen a run up in IDFC in the last couple of days. So, possibly I think we could see levels of about Rs 148-154. Going beyond that in the current scenario seems a bit difficult.”
“Power sector, knee jerk reaction we have already seen on Friday and from hereon I suppose the stronger players like NTPC and possibly Tata Power can move up some more. NTPC has just started moving and the way I see it is NTPC can go to levels of Rs 184-186 levels. Tata Power possibly can move up another Rs 7-8 from here.”