Select buying would happen in the PSU bank: Deven Choksey

In a chat with ET Now, Deven Choksey, MD, KR Choksey Securities, shares his views on banking space. Excerpts:

ET Now: Within banks, do you think the leadership is going to stick to the private banking lot or do you think the strength is also going to come in for some of PSU names?

Deven Choksey: They are certainly going to be taking the leadership from the performance point of view and many of these banks in the corrective market would find the buying at the lower levels, that includes the names like IndusInd, Axis, and even Yes Bank. They could possibly attract the bank but battere down banking stocks in the PSU space, they could take further leadership like I was just looking at the data, in the last time when market touched the highest levels somewhere five years ago, State Bank of India at that point of time was quoting somewhere around 3000 plus levels. Today, market is at almost high level and State Bank of India is half of that level. I am not trying to compare that way but the fact is that valuation point of view, this particular stock is looking quite attractive to add into the portfolio. So, select buying would happen in the PSU bank and the leadership would emerge over there.