Prefer private banks: Devang Mehta

Devang Mehta of Anand Rathi Financial Services told CNBC-TV18, "We are clearly among the space that currently likes private banks. Bank of Baroda (BOB) and Punjab National Bank (PNB) probably some where down by another 3-4 percent correction from here on would be very attractive buys for 1-1.5 years horizon. In private banking space the numbers which have already come out the likes of YES Bank and IndusInd Bank have also seen decent amount of correction and to a certain extent even something like HDFC Bank gives you a rock solid stability to investors' portfolio."

"These are good opportunities because banks have started falling; even private banks which have come up with good set of numbers have also started to fall. If this correction lasts for another 100-200 points more we would be buying private banks very aggressively and disclaimer is that we have been suggesting our clients to buy private banks as well as some of the stocks as I suggested some capital good stocks as well as auto stocks in the last 3-4 days," he said.