Buy Kotak Mahindra Bank Ltd 1680 PE For Target Rs.40 - Religare Broking
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Derivative Ideas
KOTAKBANK gained 0.86% and closed at 1684.1 on 22nd June. The BANKNIFTY has been consolidating in a range of 32400-33600 and KOTAKBANK is no different. The stock has been sliding lower gradually, finding resistance at the 1695-1710 zone. Trading below its important MAs with Shorts still in its FUTS, we expect KOTAKBANK to test 1630 levels in the near term and thus suggest initiating Shorts with the PE option.
Strategy:- BUY KOTAKBANK 1680 PE @ 15-18, STOPLOSS 5, TARGET 40.
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