Avoid telecom sector: Kunj Bansal

Kunj Bansal of Centrum Wealth Management told CNBC-TV18, "In terms of sectoral view, the telecom sector right now is best avoided because there is impending threat of competition coming in. There has always been regulatory overhang; there have been these issues of investment by the companies in buying the spectrum which will happen going forward and also pending auctions are coming up.""If one looks at it from the point of view of stock momentum, that also is not currently supportive. This sector ideally, the price movement should have been of the like of a defensive sector. However, even that doesn’t seem to be the case. So, I think it is better to avoid at this point of time and wait for some stability," he said."Valuation at current price in Syngene is slightly higher but of course the stock has now corrected though not much because defensives won’t fall too much. If at all with the current momentum of the market the stock falls further, this is clearly a good opportunity to invest for the medium to long term."