Bank Stocks Outlook For The Week – 18 to 22.12.2017
The shares of most banks are seen rising next week due to higher chances of the Bharatiya Janata Party winning the Assembly elections in Gujarat and Himachal Pradesh on Monday. Various exit polls have shown the BJP returning to power comfortably in Gujarat, apart from wresting Himachal Pradesh from the Congress. Gains, however, are likely to be capped as traders may unwind long positions, due to gains in banking stocks in the past week. Further, with the ending of the deadline for banks to resolve stressed accounts flagged by the Reserve Bank of India in its second list, any update
regarding possible extension of the deadline or details of accounts being referred to the National Company Law Tribunal, will be key cues for the sector. (We have) a continued preference for private banks over public sector banks, recent euphoria over recapitalisation notwithstanding. Our caution is based on the quick turn in events that the sector is witnessing and our preference for private banks is owing to their ability to manage such event cycles in a better manner compared with their public sector peers. We feel volatility is likely to cool off after the outcome of Gujarat state election result. In the absence of any negativity, the index is likely to head towards 26000 in coming days.
Source : Cogencis Information Services Ltd.
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The shares of most banks are seen rising next week due to higher chances of the Bharatiya Janata Party winning the Assembly elections in Gujarat and Himachal Pradesh on Monday. Various exit polls have shown the BJP returning to power comfortably in Gujarat, apart from wresting Himachal Pradesh from the Congress. Gains, however, are likely to be capped as traders may unwind long positions, due to gains in banking stocks in the past week. Further, with the ending of the deadline for banks to resolve stressed accounts flagged by the Reserve Bank of India in its second list, any update
regarding possible extension of the deadline or details of accounts being referred to the National Company Law Tribunal, will be key cues for the sector. (We have) a continued preference for private banks over public sector banks, recent euphoria over recapitalisation notwithstanding. Our caution is based on the quick turn in events that the sector is witnessing and our preference for private banks is owing to their ability to manage such event cycles in a better manner compared with their public sector peers. We feel volatility is likely to cool off after the outcome of Gujarat state election result. In the absence of any negativity, the index is likely to head towards 26000 in coming days.
Source : Cogencis Information Services Ltd.
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