Banking on downtrend: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, talks to ET Now on banking sector.

Amongst the individual banking names what is it that looks the weakest?

Now the sacred cows will come down stuff which people used to say that buy Bank of Baroda or Axis Bank or ICICI Bank. Axis, ICICI, Bank of Baroda all three have broken key support levels so now this is where the hammering will come.

The point is that like in 2000 everybody had tech, in 2007 everybody had real estate, now everybody has banks and this is the final sort of sector to come down.

So chances are now the bigger banks will show you those 5%-6% type of down moves for some days but I think the banking fresh down leg has just started.