Todays Pick

Kotak Mahindra Bank (₹2,067): BUY

Gurumurthy K BL Research Bureau | Updated on September 28, 2021

 

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.)

Published on September 29, 2021

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