Kotak Mahindra Bank shares give technical breakout. Right time to buy?
- Kotak Mahindra Bank shares may go up to ₹1935 levels once it breaches and sustains above ₹1840 per share levels, say experts
Kotak Mahindra Bank shares are one of those large-cap banking stocks that have remained under base building mode for long. However, the large-cap banking stock came out of the base building mode after bottoming out at around ₹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.
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.
FIIs' push to Kotak Mahindra Bank shares
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."
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.
Kotak Mahindra Bank share price target
On what Kotak Mahindra Bank share chart suggests, Sumeet Bagadia, Executive Director at Choice Broking said, "Kotak Mahindra Bank shares have been in uptrend after giving breakout at ₹1700 apiece levels. Now, it is on cusp of giving fresh breakout at ₹1840 mark. Once it breaches this hurdle, the stock may witness fresh upside movement and can go up to ₹1935 per share levels in short term." However, he advised strict stop loss at ₹1780 per share levels.
Choice Broking expert said that Kotak Mahindra Bank share is positioned above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This alignment above crucial EMAs strengthens the bullish outlook, indicating the potential for sustained upward price movement.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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