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Sell Kotak Mahindra; target of Rs 420: Aditya Birla Money
Aditya Birla Money is bearish on Kotak Mahindra Bank and has recommended sell rating on the stock with a target of Rs 420 in its August 5, 2011 research report.
Aditya Birla Money is bearish on Kotak Mahindra Bank and has recommended sell rating on the stock with a target of Rs 420 in its August 5, 2011 research report.
"Kotak Mahindra Bank broke below the support of medium-term rising trend line earlier this week however held its ground and has been consolidating below the same subsequently. The 14-day RSI is below the equilibrium while the MACD (12/26/9) is trending down below the zero line. Hence a break below Wednesday's low of 450 could signal the resumption of prevailing weakness and invite fall towards the support near 426 and even lower in the forthcoming trading sessions."
"On the higher side, 34-day EMA near 465 acts as strong resistance. Only a decisive close above the latter could invite a notable recovery in prices negating the expected weak tone. Sell Kotak Bank below Rs 450, with a stop loss of Rs 465 for a possible target of Rs 420," says Aditya Birla Money research report.
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