MUMBAI: Traders are baking in a price range of Rs 1450-1650 for Kotak Mahindra Bank, post the stock’s imminent weightage increase in MSCI basket and its better-than-expected quarterly performance. This range is based on options data for November expiry and ranges could change post expiry.
The stock tested the 10 per cent upper range intraday Tuesday, hitting a high of Rs 1583.7.
Vikas Jain of Reliance Securities feels the stock has made its move for now and that it could witness profit booking until Rs 1490, which he says is a good entry level.
Rajesh Palviya of Axis Securities expects the stock to have a shy at its all time high of Rs 1740 on February 19 over the next month.
“It has broken out of a 6 month consolidation range past its swing high of Rs 1500 in August,” said Palviya.
The November options’ put call ratio was around 1 for intraday on Tuesday. Cash based delivery stood at 40 per cent intraday.
Credit: Stocks-Markets-Economic Times