Wait and watch for banking stocks: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com, talks to ET Now on banking stocks.

What is your call on banking?

I am never in favour of going against a trend saying it has reached some resistance level and will start falling from here. That is a prediction and the market does not react too well to predictions.

It is better to just observe the market and act accordingly and as you can see today, in fact the Bank Nifty is not doing too badly.

PNB is looking quite strong, that is one of my buys. SBI was almost a buy, that is also up about 0.5%. So there is definitely momentum in Bank Nifty and banks are also one of the sectors that suffered quite a lot in April and all these stocks which were the worst losers in April are among the best gainers now.

So this is rally for those stocks, they are just highly volatile in both directions now.