Published on 13/02/2020 10:25:25 AM | Source: HDFC Securities Ltd

Technical pick - Kotak Mahindra Bank Ltd For Target Rs.1899 - HDFC Securities

Posted in Broking Firm Views - Short Term Report| #Kotak Mahindra Bank Ltd #Banking Sector #HDFC Securities #Trading Report

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Technical pick - Kotak Mahindra Bank Ltd For Target Rs.1835/1899- HDFC Securities

Technical Evidences

*Downward sloping trend line breakout on the daily chart

* Volumes have been rising for last 3 sessions

* Primary trend of the stock has been bullish with higher tops and higher bottoms on weekly chart

* Stock is placed above its 20,50, 100 and 200 DMA, indicating bullish trend on all time-frames

* Daily DMI Indicator has turned bullish, as +DI moving up and –DI moving down with ADX coming out from low momentum zone.

* Daily RSI and MACD have also confirmed the bullish trend 

* Considering the technical evidences discussed above, we recommend buying the stock in two trenches, one at CMP and second at 1660, for the targets of 1835 and 1899, keeping a stop loss at 1630 on closing basis.


Buy Kotak Mahindra Bank Ltd SL 1630 Target 1835/1899 CMP 1715


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