Stay away from banking sector: Mavani

Stay away from the banking sector, says Vivek Mavani, Vice President & Senior Portfolio Manager, Brics Securities.

Mavani told CNBC-TV18, "I would probably stay away from the banking sector for three- six months. RBI is very clear that they are not done with the interest rate hike."

He further added, "Bank stocks are going to take some kind of a beating if there is any further rate hike. Even if they do not take a beating you are not going to get any sort of meaningful appreciation. It is better to sit on cash than invest in stocks, which will neither go up nor go down. Cash is going to be a king in the next few months. On a longer term horizon, one can invest in good quality banks on declines."