Expect correction in banking space, says Jai Bala

Jai Bala of cashthechaos.com told CNBC-TV18, "The important resistance for Bank Nifty comes around 20,150 and it is almost there. I had said that YES Bank and Axis Bank are likely to be the best performers and State Bank of India (SBI) from the public sector space. That is typically what has happened and this is not much of a surprise but the speed at which this has come is a bit quicker than anticipated."

"However, again the momentum for the Bank Nifty, along with these new highs is not supporting the new highs. So, we could see some sort of a correction come through in the banking sector. So it is better to be a bit more cautious here, take some chips of the table rather than create fresh longs in the banking sector," he said.