India’s second largest private sector bank, Kotak Mahindra Bank is on the verge of a strong upward move and expects the counter to open high on Tuesday.
Kotak Mahindra bank has given negative returns compared to NIFTY over the last month.
Today the India’s second largest private sector bank reported a healthy jump in deposit base for the March quarter, and announced a reduction in savings account rates for high value customers.The news is very positive for the bank, especially when other private sector lenders IndusInd and RBL bank are experiencing decline in the deposits.
Technical analysis of Kotak Mahindra Bank:
Stock is on the upward move after finding support around 1100 and has gained around 60 points as of Friday closing. It is also trading above its 9 day EMA. Candlesticks pattern is showing a bullish trend.MACD is showing a buy signal.
Stock is considered for buy with a target of 1400 with a stop loss of 1185 after gap up opening above the stop loss.The stock will face resistance around 1265- 1290.Counter had closed at 1140.85 down 40.80 (-3.45%) on Friday gaining more than 50 points from its intra-day low of 1087.