Aditya Birla Money: Buy Kotak Mahindra; tgt of Rs 540/550

Aditya Birla Money is bullish on Kotak Mahindra Bank and has recommended buy rating on the stock with a target of Rs 540/550 in its December 1, 2010 research report.

“Kotak Bank right from it July’10 lows of Rs 390 has been trading in well channelised uptrend, where the outside and inside band of the channel has been defined by its respective pivotal highs and pivotal lows. At recent low of Rs 450 it has found a good support, formed through the convergence of 55 Day Exponential Moving Averages (DEMA), Fibonacci golden confluence zone, the given channel inside band and rising demand line formed connecting lows of Mar’09 and Jul’10.”

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