Bank Stocks Outlook for the week - 07 to 11.11.2016
Bank stocks are seen tracking broader markets, with a focus on the earnings of the sector leader,
State Bank of India, and other banks. The Nifty Bank will find support at 18800-18200 levels and
resistance at 19350-19800 levels. We feel a close below 19000 would trigger some more selling.
However, on the higher side, 19500 remains the intermediate resistance.
A major trigger for the markets will be the results of the US presidential elections, which will be
announced on Tuesday. Markets, which had factored in a win by Hillary Clinton, are reacting to the
recent polls results, indicating that the race for the President's office between Clinton and Donald
Trump will be a close one. The outcome of an important event in the US has global repercussions
and therefore the market will wait and watch before moving substantially in either direction.
The recent lowering of the home loan rates by State Bank of India, and ICICI Bank did not improve
market sentiment, which is indicative of deeper corrective forces. SBI, Bank of Baroda will also
declare its results for the quarter ended Sep 30. Among individual stocks, ICICI Bank, the largest
private sector bank will detail its Jul-Sep earnings on Monday.
Union Bank of India posted net profit in Jul-Sep at 1.77 bln rupees, down 73% on year, as fresh
slippages and asset quality remain elevated. The bank detailed its earnings after market hours
yesterday. Central Bank of India is likely to attract a market reaction as the lender posted its fourth
straight quarterly loss at 6.42 bln rupees in Jul-Sep as against 1.13 bln rupees net profit a year ago.
Bank of India, Oriental Bank of Commerce, Indian Bank, Jammu and Kashmir Bank, United Bank of
India, City Union Bank, UCO Bank, Karnataka Bank, Punjab and Sindh Bank, Andhra Bank, and
Dhanlakshmi Bank will detail their Jul-Sep earnings in the coming week. Dena Bank, which will
detail its Jul-Sep earnings on Saturday, will be in focus on Monday
Free Intraday Tips : Join Our Whatsapp No : 9841986753
State Bank of India, and other banks. The Nifty Bank will find support at 18800-18200 levels and
resistance at 19350-19800 levels. We feel a close below 19000 would trigger some more selling.
However, on the higher side, 19500 remains the intermediate resistance.
A major trigger for the markets will be the results of the US presidential elections, which will be
announced on Tuesday. Markets, which had factored in a win by Hillary Clinton, are reacting to the
recent polls results, indicating that the race for the President's office between Clinton and Donald
Trump will be a close one. The outcome of an important event in the US has global repercussions
and therefore the market will wait and watch before moving substantially in either direction.
The recent lowering of the home loan rates by State Bank of India, and ICICI Bank did not improve
market sentiment, which is indicative of deeper corrective forces. SBI, Bank of Baroda will also
declare its results for the quarter ended Sep 30. Among individual stocks, ICICI Bank, the largest
private sector bank will detail its Jul-Sep earnings on Monday.
Union Bank of India posted net profit in Jul-Sep at 1.77 bln rupees, down 73% on year, as fresh
slippages and asset quality remain elevated. The bank detailed its earnings after market hours
yesterday. Central Bank of India is likely to attract a market reaction as the lender posted its fourth
straight quarterly loss at 6.42 bln rupees in Jul-Sep as against 1.13 bln rupees net profit a year ago.
Bank of India, Oriental Bank of Commerce, Indian Bank, Jammu and Kashmir Bank, United Bank of
India, City Union Bank, UCO Bank, Karnataka Bank, Punjab and Sindh Bank, Andhra Bank, and
Dhanlakshmi Bank will detail their Jul-Sep earnings in the coming week. Dena Bank, which will
detail its Jul-Sep earnings on Saturday, will be in focus on Monday
