Kotak Bank stock may offer investors up to 14% returns on favourable prospects and upside potential, Prabhudas Lilladher said in a research note citing technical indicators. “The RSI indicator has flattened out after the slide and has shown gradual rise to strengthen the overall trend,” said the note. The brokerage report recommended investors to buy the Kotak Bank shares with a target price of Rs 2,110, nearly 14% higher than the current market price of Rs 1,854.
Kotak Bank stock shows higher bottom formation after decent correction
The report noted that “after a decent correction, the stock made a higher bottom formation with consolidation witnessed… There is improvement in the bias and sentiment with the price moving above the significant 200 period MA of 1840 zone and there is immense upside potential from here on.” The report recommended the investors to buy Kotak Bank shares with an upside target of Rs 2,110.
Kotak Bank technical stock call: Chart showing 200 MA, 50 EMA
BY Prabhudas Lilladher
Kotak Bank stock performance
Kotak Bank market cap stands at Rs 3.70 lakh crore, and the P/E ratio is 33.81. The stock touched a 52-week high of Rs 2,063 on 31 May 2023 , whereas the 52-week low of Rs 1,644.20 on 14 March 2023. Kotak Bank share price has jumped 0.95% in the last five trading days. It has fallen 3.37% in the last one month, and has gained 1.91% year to date.