Buy State Bank of India, Punjab National Bank: Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "Those which have posted stellar results like State Bank of India (SBI) are doing well. Even stocks that have not done so well, say Oriental Bank of Commerce (OBC) or say even Bank of India (BoI) with a Rs 740 crore loss but you know there is a recognition that it is the beginning of the end. Bad days are over the non-performing loans (NPL) crisis may be coming to an end. So, all PSU banks have spiked up and the most interesting part of the whole thing is that they are holding at higher levels.""Generally, you see spikes like you have seen in Sundram Fasteners, the spike took it to Rs 243 plus and then it came down to Rs 232 again but this is not happening in case of PSU banks. PSU banks are really looking good. SBI for one would face some supply pressure around say Rs 250-255. If that is crossed then it could be headed for another 20 points on the upside but that may not happen immediately," he said."It is a baymouth, so it may take time. Caveat here is that your truly has invested in SBI and Punjab National Bank (PNB) at much lower levels and that time most people were sceptics but for a technical analyst that was a buying time and so I did. Even at current level or on a dip you can buy."