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Equity | News | Hot Pursuit
Hot Pursuit
Kotak Mahindra Bank at record high; rises 5% in five days
(14:36, 19 Nov 2020)
Shares of private bank have gained 4.84% in last five trading sessions from its previous closing low of Rs 1,754.75 on 12 November 2020. The counter hit a fresh record high of Rs 1,859.95 in intraday today. It is up 84% from its 52-week low of Rs 1,000.35 posted on 19 March 2020.

In last three months, Kotak Mahindra Bank has surged 35.62%, outperforming the Nifty Bank index which rose 30.18% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 79.098. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 1454.78 and 1406.91 respectively. These levels will act as crucial support zones in near term.

Kotak Mahindra Bank is a full-service commercial bank. The bank offers a wide range of products and services including personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. As on 30 September 2020, Kotak Mahindra Bank has a national footprint of 1,602 branches, 2,550 ATMs and branches in GIFT City and DIFC (Dubai).

The private lender's net profit jumped 26.7% to Rs 2,184.48 crore on 3.78% increase in total income to Rs 8,288.08 crore in Q2 September 2020 over Q2 September 2019.

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