Bullish on ICICI ands Yes Bank: Gaurav Doshi, Morgan Stanley PWM

In a chat with ET Now, Gaurav Doshi, VP Equity Specialist, Morgan Stanley PWM, shares his view on banking stocks.

ET Now: What do you like within the private banking space and what are you looking at buying on every decline from that cluster?

Gaurav Doshi: In the private banking space, ICICI Bank is good. Banks like Yes Bank have given good results. More importantly in the sector we want to buy banks who have disclosed results. We are not willing to buy banks ahead of earnings. The evergreen will always be HDFC. PSU banks have been disappointing in terms of higher provisioning, fallen NIMs. However, we do see a lot of value emerging from PSU banks like Allahabad bank where the book value is about 190, the stock at about 200. Results have been disclosed so risk on that trade comes lower but nonetheless the preference is private sector banks and we would look for ICICI and Yes Bank at reasonable levels.