Go long in Kotak Mahindra Bank on dips: Thukral

Go long in Kotak Mahindra Bank on dips, says Hemant Thukral, National Head-Derivative Desk at Aditya Birla Money.

Thukral told CNBC-TV18, "If we see last three four days data banking stocks are the only one which have seen some fresh longs or at least some bottom fishing because IT stocks have been completely been thrown apart. Apart from the private sector banks like ICICI Bank, which has seen some fresh shorts, I am not seeing shorts happening on the banking stocks, in fact, stocks like Kotak Mahindra Bank have seen fresh longs; the smaller midcap stocks like Dena Bank, Vijaya Bank, UCO Bank have seen fresh longs."

He further added, "Friday they did see some profit booking but overall I do feel that banking still holds the key for this market, they are still holding the positive inclination and especially something like Kotak Mahindra Bank on Friday also saw substantial long open interest being jumped and today if it opens Rs 5-6 down I think one should carry long positions with a stoploss of Rs 560-565 on it for a target immediately Rs 595-600. So I still feel Bank Nifty is on a positive side and that holds the key for this market."