Hold SBI with a long term view: Phani Sekhar

Sep 16, 2013, 05.57 PM IST

Phani Sekhar, Fund Manager at Angel Broking suggests holding State Bank of India (SBI) with a long term view and one can average at levels closer to Rs 1400 as and when the stock comes.

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Hold SBI with a long term view: Phani Sekhar

Phani Sekhar, Fund Manager at Angel Broking suggests holding State Bank of India (SBI) with a long term view and one can average at levels closer to Rs 1400 as and when the stock comes.

Like this story, share it with millions of investors on M3

Hold SBI with a long term view: Phani Sekhar

Phani Sekhar, Fund Manager at Angel Broking suggests holding State Bank of India (SBI) with a long term view and one can average at levels closer to Rs 1400 as and when the stock comes.

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Phani Sekhar, Fund Manager at Angel Broking told CNBC-TV18, "With a six months view the investor can exit from SBI . However, if the investor has a long-term horizon then probably at lower levels one can average out because from here the stock needs to cover 30 percent and SBI is not going to appreciate. For that matter no banking stock will appreciate 30 percent from these levels."

"They have already underperformed the broader index for the last three months or so and nothing in the environment suggest that they suddenly starts outperforming to that extent because the fundamental problems of asset quality and very poor credit growth for the last one year or so remained and they are not going anywhere in a hurry. Interest rates will not drop down dramatically," he added."

"If one takes the sentiment out of the picture fundamentally there isn't much of a change if one looks at the long to medium term. To that extent it will not be reflected in many of these banks valuations and the results also. It will be a good idea if the investor can hold on for a fairly long period of time which is 2-3 years then one can average at levels closer to Rs 1400 as and when the stock comes or if the investor needs money in the next 3-6 months, at 5900 market is a good time to get out of bank stocks."

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