BofA, Vaishali Parekh expect 14-19% potential upside in Kotak Mahindra Bank shares; here's what investors should do
₹1855.05 apiece, up by ₹11.30 or 0.61% on BSE. The stock has climbed by at least 1.3% with an intraday high of ₹1867.85 apiece on the exchange in early deals.
In a research note dated July 4th, Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "The stock after a decent correction has made a higher bottom formation with consolidation witnessed maintaining a strong at around 1800 levels." Further, she added that there is improvement in the bias and sentiment with the price moving above the significant 200 period MA of 1840 zone and there is immense upside potential from here on. Accordingly, Parekh said, "The RSI indicator has flattened out after the slide and has shown gradual rise to strengthen the overall trend." On the back of good volume participation and the chart looking attractive, Parekh said, "We recommend a buy keeping a stop loss of 1780 for an upside target of 2110." So far the first half of 2023 has been a mixed performance for Kotak shares.
In a month, the stock dipped by nearly 4%, while year-to-date, the stock is up a little over 1.5% on BSE. However, the shares have zoomed by nearly 11% in a year.
Last week, on Friday, Kotak Bank allotted 5,96,946 equity shares having a face value of ₹5 each, pursuant to the exercise of the equivalent number of Employee Stock Options according to the Kotak Mahindra Equity Option Scheme 2015. Further, BofA Securities in its latest research report dated June 30, has set a target price of ₹2,200 on Kotak.
From the current market price level, Kotak has a potential 13.7% upside if taking Vaishali Parekh's target price, while the stock may also rise by up to 18.6% if taking BofA's target price in the picture. BofA's target price is derived from a
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