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