Top buzzing stock: Kotak Mahindra Bank

Top buzzing stock: Kotak Mahindra Bank

by 5paisa Research Team Last Updated: Dec 13, 2022 - 12:17 pm 33.8k Views

The stock of Kotak Mahindra Bank is extremely bullish and has gained over 3.5% on Thursday.

The stock of Kotak Mahindra Bank is extremely bullish and has gained over 3.5% on Thursday. With this, the stock has crossed above its short term resistance of Rs 1813 with the resistance. It has registered above average volume which indicates larger trading activity in the stock. On the technical chart, the stock has surged above its 20-DMA. Today, the stock is the leading contributor towards the upside momentum of Nifty Bank. Since its prior swing low of Rs 1714, the stock has gained about 6% in just two trading sessions. On the weekly chart, the stock has crossed above its previous week’s high of Rs 1813. Moreover, the stock has formed a hammer candle on the monthly timeframe, which indicates strong buying at lower levels. Thus, the price structure looks bullish.

Along with its bullish price structure, several technical parameters point towards strong strength of the stock. The 14-period daily RSI has jumped above its prior swing high. Moreover, the MACD has given a bullish crossover. Interestingly, the OBV indicates a strong strength in the stock from volumes point of view. Along with this, the stock has seen huge addition of open interest on 1800PE. Moreover, call unwinding has been done in 1760, 1780, and 1800 strikes, which indicates bullish sentiment among the market players regarding the stock.

On YTD basis, the stock has generated about 2% returns despite bad global cues and has outperformed most of its peers. Overall, the stock is bullish for short term as validated by technical analysis. Considering its bullishness, the stock is expected to test the levels of Rs 1860 which happens to be its 200-DM, followed by Rs 1900 in short to medium term.  Moreover, it is an ideal candidate for swing trading. Swing traders/ Positional traders can expect decent gains from this stock in short to medium term.

How do you rate this article?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.

Open Free Demat Account

Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Latest News
Sahana Systems IPO GMP (Grey Market Premium)

Sahana Systems IPO worth ₹32.74 crore comprises entirely of a fresh issue of shares by the company. The price band has been fixed in the range of ₹132 to ₹135.

  • Jun 07, 2023
Spectrum Talent Management IPO GMP (Grey Market Premium)

The ₹105.14 crore IPO of Spectrum Talent Management IPO comprises entirely of a combination of a fresh issue of shares and an offer for sale (OFS) by promoters and early shareholders.

  • Jun 07, 2023
IKIO Lighting IPO GMP (Grey Market Premium)

IKIO Lighting IPO worth ₹607 crore comprises of an offer for sale and also of a fresh issue of shares. The offer for sale (OFS) component is by the promoters and early shareholders of the company.

  • Jun 07, 2023

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number