Like PNB; Union Bank, Canara Bank can hit record lows: Jai Bala

Jai Bala of Cashthechaos.com told CNBC-TV18, "There is lot of pessimism in the public sector undertaking (PSU) banking space and what we saw in the recent weeks is just the starting stages of the move. We had to be very careful within the PSU banks space. If you look at stocks like Union Bank of India or Canara Bank, I am not that positive. It could go back to record lows it made couple of months back." "However, there are stocks within the PSU space like Punjab National Bank (PNB) or Andhra Bank which are looking positive. I like PNB at this point in time, the stock is looking set for Rs 160 plus in the short to medium-term. I don’t think it is going to go below Rs 114. So, that is looking quite positive for me. I am positive on some of the stocks within the PSU space," he said.