BANK
STOCKS OUTLOOK FOR THE WEEK – 01 to 05.09.2014
( www.rupeedesk.in )
Bank stocks are seen
trading with a positive bias this week, and are expected to take cues
from the Apr-Jun
gross domestic product data, scheduled to be released Friday.
According to a
Cogencis poll, India's Apr-Jun GDP is likely to have been 5.5% compared
with 4.6% in Jan-Mar
and 4.7% a year ago, crossing the 5%-mark for the first time in
over two years
primarily on the back of a pickup in the industrial sector.
The Supreme Court's
hearing on the allocation of coal blocks, scheduled to begin
Monday, will also be
key in determining the trend for the week, considering the possible
impact of
restrictions in coal supply to power unit son banks' asset quality. Earlier
this
week, the apex court
declared all coal block allocations since 1993 as illegal, saying that
no proper procedure
was followed while awarding these blocks.
Last Thursday, stock
indices settled marginally higher to end at record closing highs,
with the Bank Nifty
rising 0.14% from Wednesday's close to settle at 15,740.40. Bank Nifty finding
support at 15,500 levels, with resistance around 15,973.
