Anil Manghnani of Modern Shares & Stock Brokers is of the view that one should book profit in Private banks as there is too much uncertainty in it. He also advised to stay invested in PSU banks.
Manghnani told CNBC-TV18, "I am trading banking because although the sectorial charts have taken a hit, there is still strength that’s why you see good trading bounces. But I will stick with PSU as i think there is too much uncertainty in the private banking, before the bankex actually broke, ICICI Bank was already breaking on subprime news, Kotak Mahindra Bank was breaking on rumours of a possible major hit in their proprietary trading or the trading desk as a whole. So that news is also out that is going to remain in the system for sometime – I don’t think people are going to forget that news that far. So if one getting bounces in private banking definitely take your profits and run and wait for the corresponding fall again. But in PSU banking you can still trade on the long side."
Disclosure: It is safe to assume that analyst & his clients may have an interest in the stocks/sectors discussed.
Source: Moneycontrol.com
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