Religare expects to see some correction in Indian stocks in May due to macroeconomic headwinds. India treads its own path in May, different from the "sell in May and go away" adage the global markets follow.
The Sensex fell in six out of the last 10 years in the month of May.
The May selloff is likely despite the satisfactory Jan-March results so far and expectations of a 25 basis points reduction in rate by the RBI on May 3, the brokerage says.
Religare says it will take profits on bank counters like Axis Bank Ltd, Yes Bank Ltd, IndusInd Bank Ltd, HDFC Bank Ltd, State Bank of India among others.