Yes Bank, ICICI best banking bets: Edelweiss Securities

In a chat with ET Now, Jitendra Mehta, AVP-Institutional Equities-Sales, Edelweiss Securities, shares his views on banking stocks.

ET Now: If I look at how PSU banks have moved in last 5 days, what is your assessment, do you think in the near term these stocks are looking slightly oversold?

Jitendra Mehta: Banking stocks particularly private versus PSU kind of setup and we saw that breakdown in PSU bank is quite prominent. The weakness in PSUs is much more than what we have seen in private banking. There might be some occasional pullbacks because the stocks are oversold. But then, they are actually now in slightly bigger kind of downtrend. So it would be better to avoid taking too many aggressive longs here. The best banking bets are still in private sector where we like Yes Bank or ICICI Bank.