Bank Stocks Outlook
for the week – 17 to 21.10.2016
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Bank stocks are seen tracking the broad market next week in
the absence of any sectorspecific
triggers. The Nifty Bank index is expected to find support at
18800-18500 levels,
while resistance is seen at 19500-19800 points. The index
fell 1.9% during the holidaytruncated
week, before ending at 19020.15 points today.
The volatility seen in banking stocks this week is expected
to cool down. However, selling
may be triggered if the Nifty Bank index does not cross
19700-levels. DCB Bank will be in
focus on Monday after it detailed its earnings for the
quarter ended September post market.
YES Bank will also be in focus, with the private sector
lender scheduled to announce its Jul-
Sep earnings on Thursday. Other lenders which will detail
their quarterly results next week
include Lakshmi Vilas Bank, recently-listed RBL Bank, and
State Bank of Bikaner and Jaipur.