Kotak Mahindra Bank shares give technical breakout. Right time to buy?
₹1700 per share levels at the end of October 2023. After that it has risen to the tune of ₹1835 apiece levels in near one month time. According to stock market experts, Kotak Mahindra Bank shares gave breakout at ₹1700 apiece levels and now it is on cusp of another breakout at ₹1840 levels.
Once it breaks this hurdle, the stock may go up to ₹1935 apiece levels in short term. Also Read: Punjab National Bank stock gained 53% in CY23; should you buy? On fundamentals that may support Kotak Mahindra Bank shares, stock market experts said that FIIs have been pouring money in Indian equities and Kotak Mahindra Bank is one fo the favourite stocks of FIIs. As it has remained under base building mode for long, it is available at discounted price and hence market is expecting FIIs' push to the banking stock in near term.
On why market is bullish on Kotak Mahindra Bank shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "In recent rallies, small-cap and mid-cap stocks have remained investors' favourite. However, now market is expecting large-cap stocks to rally. Especially after strong upside in HDFC Bank and ICICI Bank.
As Kotak Mahindra Bank is FIIs' favourite stock and FIIs are putting money in Indian equities these days, some rise in Kotak Mahindra Bank shares can be attributed to this factor as well." Also Read: LIC share price hits 52-week high. Can the stock cross over its issue price However, Profitmart Securities expert maintained that it would take time for the large-cap banking stocks to maintain uptrend as such stocks take time to attain bull trend. He advised investors to maintain 'buy on dips' strategy till it is above ₹1700 per share levels.
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