Bank Stocks Outlook for the week – 09 to 13.Jun.2014
(www.rupeedesk.in)
(www.rupeedesk.in)
Bank stocks are seen trading with
a positive bias next week on the back of likely foreign
institutional inflows. Yesterday,
Bank Nifty settled at 15543.15, up 261.00 points, or
1.71%, from Thursday. The
National Stock Exchange Nifty and the S&P BSE Sensex
rose 1.5% each and touched
lifetime highs on the back of strong buying by foreign
institutional investors. The
Nifty ended at a record closing high of 7583.40, while the
Sensex ended at its highest
closing level of 25396.46. FIIs hope that India's new
government will effect key
economic reforms. Among Nifty constituents, Axis Bank hit
its lifetime high yesterday.
Axis Bank's short-term trend
remained positive. From mid February 2014 prices have
been moving higher from the level
of 1100, if momentum continues to be strong from
here it will indicate an
impulsive rally rather than corrective. Either which ways the
short-term trend remains
positive. In short, AXIS Bank is moving higher and trend
remains positive as long as 1880
is intact on downside. In both the Nifty and Bank Nifty
we have seen unwinding of open
interest with price moving higher. We feel these short
positions will provide cushion
for further upsides as short traders may hurry to cover their
positions.
