Gopi Suvanam, founder of InvestWorks told CNBC-TV18, "Banking sector is a high beta sector, so it will go with the market trend. So, if there is 2 percent upside, there are some pockets where people can still go and invest, for example State Bank of India (SBI) is still quite low compared to the peaks that it touched this year itself and Punjab National Bank (PNB) is at Rs 610 levels whereas Rs 650 is the peak that we have seen."
"ICICI Bank is already at 52 week's high, so I would not go and invest in stocks like ICICI Bank but some select stocks like PNB would be a good bet for some range bound trading," he added.
At 10:27 hrs Punjab National Bank was quoting at Rs 632, down Rs 1.70, or 0.27 percent. It has touched an intraday high of Rs 645.45 and an intraday low of Rs 632.
The share touched its 52-week high Rs 852.15 and 52-week low Rs 402.20 on 20 May, 2013 and 04 September, 2013, respectively. Currently, it is trading 25.83 percent below its 52-week high and 57.14 percent above its 52-week low. Market capitalisation stands at Rs 22,882.82 crore.
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