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Sell Kotak Mahindra Bank Jan future; target Rs 438: IIFL
According to IIFL, traders can sell Kotak Mahindra Bank January futures below Rs 452 with stop loss of Rs 459 for target of Rs 438, in its December 28, 2011 research report.
According to IIFL, traders can sell Kotak Mahindra Bank January futures below Rs 452 with stop loss of Rs 459 for target of Rs 438, in its December 28, 2011 research report.
"Kotak Mahindra Bank has broken below the critical support of its 200-DMA which was placed at levels of Rs456, which suggest that the likelihood of upside over the short-term has diminished. For now, the risk/return of establishing long positions is less than ideal. Kotak Bank in last few trading sessions, has thrice bounced back from the above mentioned support levels and in yesterday's session it closed below it. Moreover, appearance of falling tops signifies the bulls inability to form higher highs. Based on above mentioned technical evidences, we recommend traders to short Kotak Mahindra Bank January futures below Rs 452 with stop loss of Rs 459 for target of Rs 438," says IIFL research report.
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