The stock of Kotak Mahindra Bank is in a strong uptrend. The stock has closed 1.6 per cent higher on Tuesday, a day on which the broader markets were under selling pressure. This indicates the inherent strength in the stock. Immediate support is at ₹2,015 and a slightly deeper one is at ₹1,980. Intermediate dips to these supports are likely to see fresh buyers coming into the market. The overall outlook is bullish. The stock has room for a further rise towards ₹2,200-₹2,225 in the coming days.
Traders with a short-term perspective can go long at current levels and also accumulate on dips at ₹2,020 and ₹1,095. Keep the stop-loss at ₹1,070 for the target of ₹2,215. Trail the stop-loss to ₹2,090 as soon as the stock moves up to ₹2,110. Move the stop-loss further up to ₹2,130 as soon as the stock touches ₹2,160. The stock will come under pressure only if it breaks below ₹1,980. Such a break will turn the outlook bearish and drag the stock lower to ₹1,850-₹1,830.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.