Sell Canara Bank; frontline banks look week: Sandeep Wagle

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, aptartindia.com in a chat with ET Now gives his perspective on banking stocks.

What about banks because this is a core right now that we are seeing, a lot of activity, a lot of movement, a lot of volumes also in this particular space, especially PSU banks but they had a tough time on Friday as well as on Thursday, you recommend a sell on this one right now?

The frontline banks counters are looking weak, talk of a Bank of India. State Bank, we had a buy on Friday but it failed and having said that, I see only some semblance of strength in the mid-cap counters, banking counters, specifically UCO Bank, DCB, Dena Bank but understanding the market situation, I do not think they are going to sustain the onslaught of the bears, so they will also come down but they will fall less. Frontline banks like Axis Bank, Bank of India are still looking weak. Canara Bank is a sell we have recommended today, so we see a 4-5-7% downside from current levels.