HDFC Bank, Kotak Bank can give strong upmove: Anu Jain

Anu Jain of IIFL Private Wealth Management told CNBC-TV18, "Kotak Mahindra Bank and HDFC Bank are looking like probably they can give a strong move upwards. So, if we were to look at Kotak Bank given that it's chart has basically been halved because of the bonus, so at about Rs 730-735 it has got resistance. If it were to cross that Rs 740 then I get a new target for the medium term of about Rs 830. Around Rs 740 if we can manage to break, that is where will you get a fresh breakout. So, we are still presumptuous but the formation is very positive on it."

"HDFC Bank has also got a neckline at Rs 1050 for inverse head and shoulder and it has stayed over it. At Rs 1110 odd levels it is looking for about Rs 1170 to Rs 1210 levels. So, the breakout has happened and you are looking between Rs 1170-1200 where you are anticipating a fresh breakout. So, between the two right now, HDFC Bank would have a slightly more momentum but once Rs 740 is crossed, Kotak Mahindra Bank can catch that momentum," he said.