Kotak Mahindra Bank – should you buy after the block transaction?

Shares of Kotak Mahindra Bank fell 3.10% to Rs 1,714.95 on Thursday.

Canada Pension Plan Investment Board today sold its 1.41% to 2.02% stake via bulk transaction in Kotak Mahindra Bank and the share fell by 3.10% to Rs 1,714.95 on the NSE.

Should you buy the dip?

As an investor, I am not convinced by the technical chart structure.

The stock has been one of the biggest underperformers against Bank Nifty since 2020 lows. Of the pandemic lows, Bank Nifty gained more than 120%, while Kotak Bank rose by ~ 70% (taking into account lows to CMP).

Since the beginning of 2021, the stock has been trading in the broader range of Rs 1,650 – Rs 2,100 and is now trading around the lower band of range.


Technically, the death cross is visible on the chart at Rs 1,850 indicating an end to bullish trend in the stock. The death crossing occurs when the short-term moving average (50 days) crosses below the long-term moving average.

In the chart above, the multiple supports are visible in the range of Rs 1,640 – 1,750, but this does not convince the buying opportunity.

According to the technical pattern, the bullish confirmation will be above Rs 1,855, while a close below Rs 1,640 will confirm the bearish scenario.

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Disclaimer: This article is for informational purposes only. This is not a stock recommendation and should not be treated as such.

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