Bank Stocks Outlook for the week - 04 to 08.05.2015
( www.rupeedesk.in )
Bank
stocks are likely to trade with a positive bias despite likely weakness in the
broad market next week. Stock-specific activity is expected, with Punjab
National Bank, Kotak Mahindra Bank, South Indian Bank, Oriental Bank of
Commerce, State Bank of Travancore, State Bank of Bikaner and Jaipur, United
Bank of India, Allahabad Bank, Indian Overseas Bank, among others, scheduled to
detail their Jan-Mar and 2014-15 (Apr-Mar) earnings next week.
Bank
Nifty rose 1.9% in the 4-day week ended today, while Nifty fell 1.5% in the
same period. According to Bank Nifty has strong support at 18000, but can slip
to 17700 if the initial support is broken. Private sector banks have
outperformed public sector peers in the Jan-Mar earnings performance thus far. PSU
banking stocks have been unable so far to recover as their results are still
awaited. The only result from Andhra Bank has remained positive, which gives
hope of some reversal in these stocks in the days to come.
