See downside in Kotak Mahindra Bank , says Anil Manghnani, Modern Shares & Stock Brokers.
Manghnani told CNBC-TV18, "For Kotak Mahindra Bank Rs 468 to 483 is a key resistance zone and overall I don't like Kotak from longer-term point of view. I think just like some of the bigger banks have gone and hit their major levels be it an ICICI Bank , Axis Bank and SBI , stocks like Kotak, HDFC , HDFC Bank haven't done the same move on the downside. I think Kotak needs to start its next leg on the downside soon. So with a stoploss of Rs 484, initially I am just looking at Rs 450-440 but eventually it will head lower."
He further added, " OBC is a case where the stock really collapsed and now it has had a good bounce. So the first bounce normally is the shorting opportunity. So I would believe between Rs 225-237 it will find lot of resistance and should head back to about Rs 205."
