Syndicate Bank, Dena Bank and Canara Bank can show a pull back when the market stabilized, says Anu Jain, Vice President - IIFL Private Wealth Management, India Infoline.
Jain told CNBC-TV18, "The PSU midcap banks have seen a lot of short build-ups, so amongst them Andhra Bank seems to be the weakest. You have seen some kind of a pullback in Canara Bank and Dena bank but when the markets starts to sell off that build-up which happens on the positive side just gets sold into, so some of midcap banking are showing some kind of a resilience. Probably Syndicate Bank, Dena Bank and Canara Bank can show a pull back when the market stabilized, but the others still have a lot more pain left.”
She further added, “In the private banking sector there is a short build up; so be it Kotak Mahindra, be it ICICI Bank, Axis Bank though Axis is showing the first kind of semblance of some kind of taking support at the bottom. So one has to see how it plays out but I think the three banks that I mentioned look far stronger than the others."
Jain told CNBC-TV18, "The PSU midcap banks have seen a lot of short build-ups, so amongst them Andhra Bank seems to be the weakest. You have seen some kind of a pullback in Canara Bank and Dena bank but when the markets starts to sell off that build-up which happens on the positive side just gets sold into, so some of midcap banking are showing some kind of a resilience. Probably Syndicate Bank, Dena Bank and Canara Bank can show a pull back when the market stabilized, but the others still have a lot more pain left.”
She further added, “In the private banking sector there is a short build up; so be it Kotak Mahindra, be it ICICI Bank, Axis Bank though Axis is showing the first kind of semblance of some kind of taking support at the bottom. So one has to see how it plays out but I think the three banks that I mentioned look far stronger than the others."
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