Avoid SBI for short term: Ashwani Gujral

ET Now spoke to Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, on his take on State Bank of India.

What is your view on State Bank of India?

I think State Bank of India has been smashed up quite a lot but it is there for the longer term trader probably it has gone down enough but still I would avoid it in the short run.

Banking is likely to underperform so State Bank can be bought with a 2650 there is a 100 point downside but it is possible that in any pullback rally State Bank could retest a 3000-3050 so these are relatively safe levels to buy but it is difficult to say that it will hit fresh highs above 3500 so you could get a nice little 10%-12% type of a pullback rally.