Shares of Kotak Mahindra Bank declined 7.13% in five trading sessions from its recent closing high of Rs 1,939.15 on 20 September 2022.On the BSE, 36,851 shares were traded in the counter so far compared with average daily volumes of 1.11 lakh shares in the past two weeks. The stock hit a high of Rs 1,835 and a low of Rs 1,795.10 so far during the day.
The stock hit a 52-week high of Rs 2,252.45 on 27 October 2021. The stock hit a 52-week low of Rs 1,630 on 30 June 2022.
The stock had underperformed the market over the past one month, down 3.80% compared with 2.87% fall in the Sensex.
The scrip outperformed the market in past one quarter, up 8.18% as against Sensex's 7.49% rise.
The scrip had also underperformed the market in past one year, down 10.08% as against Sensex's 4.88% fall.
On the technical front, the stock's daily RSI (relative strength index) stood at 29.02. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1883.26, 1907.90 and 1898.92 respectively. These levels will act as crucial support zones in near term.
Kotak Mahindra Bank is a full-service commercial bank. As on 30 June 2022, Kotak Mahindra Bank has a national footprint of 1,702 branches and 2,761 ATMs and branches in GIFT City and DIFC (Dubai).
The bank reported a 26.1% rise in standalone net profit to Rs 2,071.15 crore on a 9.6% increase in total income to Rs 8,582.25 crore in Q1 FY23 over Q1 FY22.
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