Buy bank Nifty: PN Vijay

Buy the bank Nifty, says PN Vijay, Portfolio Manager, www.askpnvijay.com.

Vijay told CNBC-TV18, "One needs to study the banking sector very carefully. It is not very complex as the gentleman from Allahabad Bank was saying. He had to provide for some farm loans and which he hopes to recover. Bank of India has got a pension fund provisioning. OBC had a little bit of a problem and when I spoke to them they explained that things do not look too bad going forward."
He further added, "On the other hand, Bank of Baroda has come out with robust numbers, so it is getting to get a bit specific. I think a good strategy would be to just buy the bank Nifty because on the whole the weightage is being what they are. ICICI came with a humongous earnings. If you want to play safe you may just buy the bank Nifty. Raamdeo was telling us in the morning on your channel only 8% of the trading seems to be cash based, so we have almost become a derivative stock market."