Last Updated : Aug 21, 2014 12:30 PM IST | Source: CNBC-TV18

Buy PSU banks on dips: Ajay Srivastava

Ajay Srivastava, CEO of Dimensions Consulting is of the view that one may buy PSU banking stocks on dips.

Ajay Srivastava, CEO of Dimensions Consulting told CNBC-TV18, "In PSU banking for a speculator, I would still say wait because I think the worst is still to come in these banks. The next big scam is going to be unearthed is going to be this whole March 31 sale of assets to asset reconstruction companies (ARCs) which we as parties in the market know what transpired, how the banks got sold these assets etc. Let it come out and then there will be the hour of distress. Distress is still to come, the prices have rolled back by about 40 percent."

"Some people have lost a lot of money but I think we are looking at another 20-30 percent before it becomes a proper trading buy in this market. So let the scams play out, let it get 20-30 percent more correction and then maybe it is a trading buy but not today, I think today they are still elevated," he added.

First Published on Aug 21, 2014 12:11 pm