Tirthankar Patnaik, India Strategist at Mizuho Bank is of the view that one may prefer PSU banking and non-banking financial stocks.
Tirthankar Patnaik, India Strategist at Mizuho Bank told CNBC-TV18, "For a long term investor, the idea is definitely to buy. You get these chances of where the market is coming off 9,000 levels, it has gone down to about 8,500. Chances are that it might go to about 8,200 odd levels also if this correction continues. So, for a long term investor these are definite opportunities to buy."
He further added, "In terms of what to buys, banks have certainly not done well in this particular calendar year. We have seen the public sector (PSU) bank space essentially getting hammered fairly badly after the third quarter results. So, if one were to pick and choose, one would go after PSU banks, one would go after non-banking financial companies because these are all going to benefit from the macro recovery."
"We might differ on the magnitude of the recovery, whether we follow the old gross domestic product (GDP) numbers, the new GDP numbers, but I do not think we will argue on the direction of the recovery and in terms of asset quality also, we have probably seen the worst. We are not likely to see things improve in the next quarter or so but things will go forward. So, I would be a buyer in rate sensitives in general. Whatever that is, local over global, that theme will continue. Of course I am in a position to pick and choose at the moment," he said.
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