Buy SBI at every dip: Madan

Ashu Madan of Religare is of the view that one can buy SBI at every dip.

Madan told CNBC-TV18, "All the banks have shown resilience and I think during the course of downfall also, all those compulsive investors who were pasturing for something to invest, I think PSU banks was the only thing which was being recommended by most of us. So one can trade these banks with a positive bias. But at the same time once you see a meaningful recovery, like we have seen in SBI from Rs 2,400-2,500 close to Rs 3,200, so that is the time because State Bank of India within the PSU space falls into a momentum category to some extent being a frontliners. So one has to keep trading and keep entering at lower levels, so even if you hold it for a medium to longer-term still not a bad option and you will get lot of trading opportunities to make money. So all in all I would say that at every dip kind of a buy."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

Source: Moneycontrol