Banks Stocks Outlook for the week – 26 to 30.09.2016

 Banks Stocks Outlook for the week – 26 to 30.09.2016

  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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