Sell banking stocks on rise: Anu Jain

Sell banking stocks on rise, says Anu Jain, IIFL Private Wealth Management.

Jain told CNBC-TV18, "Essentially if you are trying to play strength even in a weak market I would honestly not play into banks which are probably the weakest and would obviously do a short covering kind of move, which will be fast and furious but they will get sold back into it. So I would in fact look for opportunities to kind of sell on rises on any of the banks where Axis Bank is looking very weak or probably State Bank on a high."
She further added, "For buying I would still concentrate where I am seeing strength even in this market. So if I were to really look for obvious reasons BPCL, HPCL and IOC showing strength. BPCL seems to be the strongest; I would probably look that with stop loss closer to about a percent, percent and a half from here for a target which is as high as Rs 720. So if I had to play strength for that reason, Apollo Tyres is looking good and this market I would probably bet it on the strongest stock rather than the weakest stock."