Exit Union Bank of India on rallies: Phani Sekhar

Phani Sekhar, Fund Manager-PMS at Angel Broking advises exiting Union Bank of India on rallies.

Phani Sekhar, Fund Manager-PMS at Angel Broking told CNBC-TV18, "Over the next six months, one would get very good trading rallies in public sector banks and that would be a good time to get out of  Union Bank of India because unlike private sector banks, public sector undertaking (PSU) banks at this juncture and this has nothing to do with asset quality or for that matter the valuations, this is something to do with the capital adequacy and the kind of money that they need, which they will find very difficult to raise. So that will be a constant overhang on all these PSU banking stocks."

"So over the next six months, if one gets a credit rally, one should get out because structurally, I don't think much will happen in this space. So if one has an interest in banking space, he/she should shift to a private bank like an  Axis Bank or ICICI Bank ," he added.

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