Banks Stocks Outlook for the week – 26 to 30.09.2016
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Seen volatile next week ahead of Sep F&O expiry
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Banks stocks are likely to be volatile next week, ahead of the expiry of the September futures and options contracts on Thursday. The Nifty Bank is expected to trade in the range of 20500-19500 next Week. Yesterday, the index ended at 19907.80, down 1% for the week. Consolidation is expected in the broader market. A correction in the market is likely due to profit booking as the Nifty 50 approaches 9000 levels. However, we continue to feel that the outperformance in banking stocks is likely to continue, unless the index holds above 19700 levels. Stocks of private sector banks are likely to continue being preferred compared to those of their state-owned peers. Next week, build-up of long and short positions is seen in Allahabad Bank and Kotak Mahindra Bank, respectively, while unwinding of long bets is seen in YES Bank.
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