Bank Stocks Outlook for the week – 27 to 31.03.2017
Bank Stocks Outlook for the week – 27 to 31.03.2017
( www.rupeedesk.in )
The Bank stocks are seen trading with a positive bias next week led by gains in public sector banks as the government is expected to announce new steps to resolve bad loan issue. Nifty bank is expected to find key resistance at 21300 levels in the coming week. The stocks will take cues from a likely announcement from finance ministry on new norms on resolution of non-performing assets of state-owned banks. The bank's gross NPAs are expected to remain within the guidance of 450 bln rupees with better trends on recoveries and upgrades. The bank's credit growth is also seen improving led by corporate sector. The stock is likely to face resistance at 172-177 rupees per share and find support at 160 rupees. The shares of UCO Bank are seen rising as the government has said that it will infuse 11.5 bln rupees in the bank as a part of turnaround-linked capital. Shares of United Bank are likely to decline as the lender has managed to raise just 1.27 bln rupees through qualified institutional placement against a target of 2.00 bln rupees. However, some volatility is likely in shares as investors roll over positions to the April derivatives series ahead of the expiry of the current series on Thursday.
Source : Cogencis Information Services Ltd
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Bank Stocks Outlook for the week – 27 to 31.03.2017
( www.rupeedesk.in )
Source : Cogencis Information Services Ltd