Will be buying HDFC Bank and HDFC, says market expert SP Tulsian

Market expert SP Tulsian of sptulsian.com on Friday said he will be buying HDFC, HDFC Bank and will be keeping an eye on the private sector banks such as ICICI Bank and State Bank of India (SBI).

Tulsian said, "We need to see the multiple benefits coming in from government's move. People are very happy and 25 percent is taking all surcharge and the cess also. Surcharge reduced from 12 percent to 10 percent is all seen positive."

"The second aspect is that the entire market was seen to be extremely oversold as the traders were taking the positions purely on the short side. It is a clear case that investors go short and make money. You cannot make money by going long. So practically people were seen to be short, they were all seen under-owned. The massive recovery has come in today partly because of the short covering also. So you need to be very cautious as well."