Time to get into PSU and private banks: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com shares his view on markets:

ET Now: What is it that you were seeing on the index, a Bank Nifty, and CNX IT out there and what are the kind of recommendations you are giving?

Ashwani Gujral: The important point here is that in spite of reasonable profit booking the index is still holding on and that is happening because the Bank Nifty has now decided to participate and in case this move continue Nifty should hold on to 5980 which is fairly useful in terms of trend and chances are that it can get towards 11,000.

Nifty could move up from here further because it looks like the CNX IT may take few days off and in that case the Nifty needs something to go by. So Bank Nifty has moved, in fact it has gained through the day. So overall banking seems to be pulling its weight, the idea should be to get into some of the PSU and private banks.