Dharmesh Shah on 2 top stock recommendation from pharma sector
" Definitely, SBI for a long time, has seen a downfall today. But looking at the bigger picture for State Bank, I think there is a long way to go," says Dharmesh Shah, Head-Technical, ICICI Direct.
The PSU pack which has been leading the Nifty lower, so how are you looking at the PSU banks right now after the sharp fall that we have seen in the last couple of days, anything that looks good to you?
Dharmesh Shah: Yes, definitely, PSU as a sector has been not in limelight for a long time. So, one should not forget that they have seen a fantastic rally for last six months.
So, we believe for particularly PSU banks, we should look at the bigger picture. If you look at the long-term picture, it has been witnessing a decadal breakout. After post-decadal breakout, we are seeing more of a profit booking happening for most of these PSU counters.
I think in the short term they remain to be under pressure, no doubt about that. But we believe I think there is a long way to go for PSU banks. Definitely in the near-term there will be pressure, but yes, from the medium-term perspective one should definitely look for buying opportunity for most of these largecap stocks.
Definitely, SBI for a long time, has seen a downfall today. But looking at the bigger picture for State Bank, I think there is a long way to go.
So, in the near-term pressure, but yes, from the medium-term perspective, one should definitely look from the investment perspective.
Just wanted your take regarding SBI and SBI Card, both the stocks are in focus on
