In an interview to CNBC-TV18, Ambareesh Baliga, an independent market expert shared his views on the fundamentals of the market. He also spoke about specific stocks and sectors.
On PSU banks, Baliga said, “There is no fresh trigger. Although the quarterly figures were slightly better than what the market was expecting, I think the next two or three quarters will be closely watched before it becomes an investment buy."
"However, over the next two or three weeks, there would be some trickledown effect because after HDFC Bank moving up, I think you will have IndusInd, Axis Bank, and ICICI Bank also moving in tandem. So, we could possibly see some more upside from here, but as an investment buy I think I would wait for a while," he said.
According to Baliga, 2019 would be the year for PSU banks.
"We have already seen some move, but this is just an initial move. I would still stick to banks such as Punjab National Bank, Oriental Bank of Commerce, Bank of Baroda, or even State Bank of India where I still see Rs 40-50 move from here,” he added.Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.