Kotak Mahindra Bank among 3 buy-sell ideas from Rupak De
momentum indicator RSI displaying positive divergence, Kotak Mahindra Bank stock may be poised for a bullish move. «The stock has a visible support level at 1700, which is acting as a cushion for the bulls. This support level is crucial for maintaining the bullish sentiment. Given the strong buying, positive RSI divergence, and the support at Rs 1740, the stock has the potential to reach upside targets of Rs 1820 and Rs 1860,» said Rupak De, senior technical analyst at LKP Securities.
Edited excerpts:
The earnings season seems to be having a negative impact on both banks and IT stocks. In this situation, do you think Nifty may break below the support around 19,500-level?
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Offering CollegeCourseWebsiteIIM LucknowIIML Chief Operations Officer ProgrammeVisitIndian School of BusinessISB Chief Technology OfficerVisitIndian School of BusinessISB Chief Digital OfficerVisitThe Indian market has experienced volatility due to quarterly earnings, and recently, selling pressure has been observed in IT and banking stocks. The benchmark Nifty recently experienced a significant decline, falling below the 50-day moving average (50DMA). The current trend appears to be negative, with immediate support situated at 19,500. A further decline below this level could potentially lead the index towards the range of 19,150 to 19,000.
On the upside, the zone between 19,600 and 19,650 is expected to act as a strong resistance. A move above 19,650 could trigger short covering in the market.
Nifty PSU Bank is turning out to be the worst performing sectoral index after the recent rally. Do you think the party is over?
After a remarkable rally in the PSU (Public Sector Undertaking) sector,
