Stay invested in SBI, PNB: Pankaj Jain

Pankaj Jain of Sunteck Wealthmax Capital told CNBC-TV18, "Whether State Bank of India (SBI) and Punjab National Bank (PNB) will see a serious re-bound in coming months or coming quarters, it is a challenging question. It is a proxy play on what is happening on the macro level on our economy. I think there are stronger banks, stronger management and just a matter of time they bounce back. So I think one should stay with SBI, PNB and may be not average down the line.""Even if we see strong rebound in banking stock as such PSU banking, I think Indian Overseas Bank (IOB) and South Indian Bank continue to face challenges. In South Indian Bank there has been lot of rumour for long time that this could be one of the takeover target but nothing is happening much, so all in all I would stick with State Bank of India, and PNB but quit South Indian Bank and Indian Overseas Bank," he added. "You will have to wait for a while. I don’t see immediate turnaround in this two bigger banks also and market momentum has such seems to be losing and we don’t have very much large positive triggers coming in next few weeks or coming months. So, all in all stay with PNB and SBI and quit IOB and South Indian Bank," he said.