Benchmark indices opened higher with the Sensex rising 100.44 points to 37,371.26 and the Nifty50 climbing 27.80 points to 11,063.50.
Market has bounced back from oversold levels seen last week and the market is expecting consolidation before moving higher.
Steps by the government for PSU banks are short term and need to see more radical changes, he said, adding there is a big valuation mismatch between PSU and private sector banks.
At current levels, PSU banks could give a favorable risk-reward return, according to him.
He expects metal space to look up in the coming months as government action has been supportive for metal companies.
He said he would allocate less capital to underweight defensives like IT and pharma sectors, but he would advise investors to continue with SIPs.
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