Amit Gupta of ICICI Direct told CNBC-TV18, "Bank Nifty has continuously outperformed Nifty right now, whether the Nifty is falling or whether the Nifty is surging up we can’t ignore PSU banking right now because private banking I think the run up has had been very fast recently. So, they may consolidate but PSU banking we can’t ignore. There maybe some up move in the PSU banking looking at the 10-year GSEC yields also which are at good lower levels."
"If you see Oriental Bank of Commerce (OBC) around 40 percent of open interest which was surged when it was falling before, out of that 20-25 percent of positions have already been closed and fresh open interest (OI) is coming up. Same scenario is there with the Punjab National Bank (PNB) or Bank of Baroda (BoB) kind of stocks. If you look at the last session when the Nifty was in pressure, almost 100 points Nifty came down, we saw OBC started moving up," he added.
"There was some buying activity already started in the stock and even if Nifty trades in a range I think this stock may start moving up further from the current levels. So, we are expecting Rs 355-360 kind of levels on the higher side in this. If you look at the stoploss positions I think that should be placed around Rs 314-315 where the immediate delivery pickup has started. So, once it is going below that level then it is going to be on intermediate problem kind of scenario. Otherwise remain positive; on declines also you can buy this stock," he said.
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