Buy ICICI, Axis Bank for short term trade: Mehraboon Irani

In a chat with ET Now, Mehraboon Irani, Principal & Head-Private Client Group Business, Nirmal Bang Securities, talks about the banking stocks.

ET NOW: What you have to say about banks because the wave of late seems to be sort of in favour of the PSU pack?

Mehraboon Irani: The beta has come into play over here. The stocks have gone up a little bit too sharply and if you ask me from the number specific, IndusInd Bank was very impressive, Axis Bank and ICICI Bank also look good. ICICI Bank and Axis Bank are specially high beta names in the banking play and if you ask me should one buy into them, a correction possibly and if you want to be a short term trader, answer would be yes.

About the entire banking sector, there is still concern about the restructured assets number. Possibly the worst is still not behind us so from a longer term perspective if you ask me will I be advising people to go and buy blindly into the banking sector, my answer would be no. But from a trading angle, a correction possibly could enthuse short term traders to buy into it.