Bank Stocks Outlook for the week – 03 to 07.04.2017
Bank Stocks Outlook for the week – 27 to 31.03.2017
Bank stocks are expected to be volatile in the coming week, ahead of the first bi-monthly monetary policy for 2017-18 (Apr-Mar) by the Reserve Bank of India's Monetary Policy Committee. The Nifty Bank index is likely to find support at 21200 levels, ICICIdirect.com said in a report. Technically, it (Nifty Bank) still looks robust and has potential to test much higher levels. The RBI's Monetary Policy Committee will detail its policy statement after the conclusion of its two-day meeting on Thursday. Though the central bank is likely to maintain status quo on policy rates, investors will wait announcements on new steps on the resolution of non-performing assets. The finance ministry is yet to announce new norms on resolution of the bad loans of banks. Banks have to clean up their balance sheets by Mar 31, a deadline set following the RBI's asset quality review in 2015. At its last meeting, the Monetary Policy Committee surprised markets by leaving the policy rates unchanged at 6.25% and shifting its stance on monetary policy to neutral from accommodative. All eyes are on the RBI policy meet which is scheduled next week and as a result, rate-sensitive will continue to trade volatile. We suggest keeping leveraged positions hedged and avoid contrarian trades," Ahead of the policy meeting, RBI Governor Urjit Patel had met Finance Minister Arun Jaitley, Cogencis had reported, citing government sources. Investors will also track the rupee's movement against the dollar, as recent strength in the Indian unit has triggered some positive sentiment, aiding gains in equities.
Source : Cogencis Information Services Ltd
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Bank Stocks Outlook for the week – 27 to 31.03.2017
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Source : Cogencis Information Services Ltd
