Bank Stocks Outlook for the week – 27 to 30.04.2015
( www.rupeedesk.in )
Bank
stocks are likely to trade with a negative bias next week tracking expected
weakness in the broad market. However, stock-specific activity will continue with
a host of banks scheduled to detail their Jan-Mar earnings next week.
ICICI
Bank, Andhra Bank, Federal Bank, Lakshmi Vilas Bank, Axis Bank, Karur Vysya
Bank, among others, will detail their Jan-Mar and 2014-15 (Apr-Mar) earnings
next week.
There
can be a mid-week pull-back in bank stocks. I see some consolidation before the
next fall.
The
Bank Nifty is likely to find support at 17798. If this support is broken, then
it can easily touch 17700. Resistance is seen at 18433 and then at 18600.
Investors
will also look forward to the outcome of the scheduled meeting between finance
ministry officials and heads of public sector banks, along with the Reserve Bank
of India, to discuss stressed infrastructure projects.
Further
forecast of the monsoon would lend cues to the broad market. The India
Meteorological Department on Wednesday forecast below-normal southwest monsoon
rains this year at 93% of the long-period average, due to strong probability of
El Nino developing during Jun-Sep.
