Book profits in Kotak at around Rs 800: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that Kotak Mahindra Bank the closer it gets to Rs 800 the more rapidly one can start to book profits.

Bhambwani told CNBC-TV18, "Kotak Mahindra Bank, in a short-term I think the stock might give you some anxiety because there is a likelihood of overrate supply coming in on all major upmoves. The Rs 596 level is a very robust support at this point in time for the short-medium term players. As long as it stays above this level you could hold on to it with a view of minimum four quarters or more if at all you need to hold on. But in the absolute short-term, I think the closer it gets to say about Rs 820 levels or more overrate supply there would be on this counter. So for short-term traders, which I think this collar, is all about closer it get to Rs 800 the more rapidly you can start to book profits."

He further added, "Possibly in the banking space itself if you have to look at something else probably HDFC Bank in staggered investment fashion would be a much better pick on a relative strength basis."