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Banking stocks an excellent bet for long term: M Thacker

This article was posted on Jun 10, 2009 and is filed under Stock Views

Mitesh Thacker, Technical Analyst, miteshthacker.com is of the view that banking space is looking an excellent bet from longer term perspective.

Thacker told CNBC-TV18, “The key factor over here is that the long-term patterns of most of the PSU banks are very good. Infact we saw PNB and Bank of Baroda nearly hit their 2008 highs and we have been very bullish if it comes to a slightly long-term perspective. What we have seen is that after the election results when the markets went into consolidation from 4,500 to 4,100, the PSU banks kind of tapered off. So I think they have outperformed a lot, they will be consolidating for a much longer time and probably they might not participate that much in the near-term. But I think from a long-term perspective they look an excellent bet as a sector.”

source: Moneycontrol

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