Wait for another 15% dip before buying bank stocks: Ambit Capital

In a chat with ET Now, Saurabh Mukherjea, Head of Equities, Ambit Capital, shares his stock ideas.

Is it time to buy banks or do you see further downside?

In our model portfolio of these good and clean stocks, we have not had a single bank or non-banks for the past few months largely because we were expecting and continue to expect a downshift in the economic growth and a continuation in the interest rate up cycle. Having said that, lenders for another 15% from this point in, we will start getting quite interested. At this juncture, it is bit too early to start building positions in lenders. I would wait for another 15% downside and then start looking at that sector.