Exit Punjab National Bank, says Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "In spite of some recoveries in quarter one Punjab National Bank will still struggle with the bad loans and I don’t see any respite in the next couple of quarters. One has to be really disciplined, the stock has almost doubled and most of the public sector undertaking (PSU) banks who were laggards, I mean they were the leaders of this rally and they almost doubled. I think Rs 133 is one of the top which it has made.""I am not gung ho on PSU banks at these levels, certainly not, I would definitely look for an opportunity to go short or sell. Having said that, because the market looks good and I see some upmove pending, technically this counter still has because of the yesterdays number there could be some bounce back. However, I think my suggestion or advise would be that on first available opportunity get out of PNB, I don’t see any major returns getting into buying at Rs 133.""I would say Rs 120-119 should be a strict stoploss and I don’t see any major upmove. However, one can hold, that might get an opportunity in the near-term to get out with some profit," he said.