Would wait for correction in Central Bank: Shardul Kulkarni, Angel Broking

Shardul Kulkarni, Sr Technical Analyst, Angel Broking, in a chat with ET Now talks about Cental Bank.

Have you looked at any of the midcap banking stocks, particularly Central Bank?

Yes, I had a look at these banks but I would look at them only from trading perspectives specifically. If you see something like a Central Bank, yes you have seen a very strong move from around Rs 200 or Rs 240. So now I would wait on some pattern to emerge and then take a call. But I would advice caution in case of specifically small and midcap banking stocks. Vijaya Bank, Dena Bank, Central Bank - all these midcap banking stocks - if the market is to correct, if the market actually goes to around 6400-6500 and then corrects - I would expect the banking stocks to give you significant correction specifically the midcap banks that have given you phenomenal returns. For example a Yes Bank, if you see the entire rally, it has moved from around 55-60 level in march 2009 to around 360-380 odd levels today.

So I would look at them with caution. Yes trading moves are possible while the underlying fundamentals definitely remain bullish a correction is something that we would expect wherein we would buy in to the correction.