Kotak Mahindra Bank may slip to Rs 445-450, says Anil Manghnani, Modern Shares & Stock Brokers.
Manghnani told CNBC-TV18, "I have been negative on Kotak Mahindra Bank. It has surprised me by crossing Rs 480 and rallying all the way to Rs 500 but the sharp reaction of yesterday post the numbers tells me that this stock really need to do something on the downside. It has not corrected in the same manner as some of the private banks have done in the last year."
He further added, "I think Rs 480-500 range is a congestion area. It will find a lot of resistance, if it's in that area it remains a sell for me. In this move I can see it back at about Rs 450-445. But I think even on the medium term point of view this will be one of the top sell for me this year in the banking sector."
