Avoid banking space: Hemindra Hazari

Hemindra Hazari, Independent Market Expert told CNBC-TV18, "For some time now I have been bearish on the entire Indian banking sector and I believe the Q1 results will bear this out. In Q4 results we already saw significant carnage and at least for the government banks I expect that carnage to continue in Q1 results. Private sector banks will report better numbers but I am expecting a Tsunami of bad debts to hit the banking sector. When a Tsunami hits the coastline it doesn't differentiate between public property and private property. So, I believe all banks will get impacted by that."

"Even though private sector banks will report better numbers, I think the asset quality of everybody is under considerable strain as of this moment. Therefore I would avoid the banking space for some time," he said.