Kotak Mahindra Bank may test Rs 750: Abhijit Paul

Abhijit Paul of alphative.com told CNBC-TV18, "What we saw in the first half of the day's trade is the banking space leading the run up and I sense that if Nifty holds on here at this price and extends further up from hereon the Bank Nifty and the banking sector may play a bigger role."

"I would like to get into a long trade in Kotak Mahindra Bank once it manages to breakout above that Rs 720-723 mark. In the recent past we have seen that in this range the supply is quite clear. Today we have a high range day and in the Futures market it is trading close to Rs 712-713. If it manages to pick up some steam and breaks above that Rs 723 I sense it can further extend up a test of Rs 750 on the upside. For such a trade one should use a stoploss close to Rs 699," he said. Also Read: SBI to take decision on raising fund from QIP in a month Disclosure: I do not hold the stock that we have mentioned in the show, but we do recommend the stock to our clients.