Analysts advise following a stock-specific approach at the current juncture. They recommend buying Wipro, UCO Bank, BCL Industries, REC, Kotak Mahindra Bank, etc.
Though the private sector bank is down by over 12% from its May highs, it is showing signs of momentum. After hitting a record high on 31 May 2023, the stock failed to hold on to the momentum. It found support above Rs 1820 levels, but that got breached and the stock eventually got support above Rs 1750 levels on daily charts
Kotak Mahindra Bank’s daily trend is bullish to sideways. The RSI for monthly, weekly and daily is showing sideways momentum. Based on option chain analysis, the range is between 1800 and 1820. Let’s plan a trade around this.