Kotak Mahindra Bank, Voda Idea, SBI, Bharat Forge & BEL: What Rajesh Palviya of Axis Securities says on these 5 stocks

Rajesh Palviya, Head Technical Research at Axis Securities, on Thursday shared his views on select stocks, including Kotak Mahindra Bank. When asked about Kotak, the market expert said immediate support on the counter will be at Rs 1,650. "A decline below the said support level can drag the stock towards Rs 1,600. Resistance will be at Rs 1,730-1,740 levels," Palviya told Business Today TV.

Reserve Bank of India (RBI) has barred Kotak from taking on new customers via its online and mobile banking channels. It also restricted the private lender from issuing new credit cards, due to IT-related deficiencies.

Kotak, in response, said it has taken measures to adopt new technology to strengthen its IT systems and that it believes the ban will not materially impact its overall business. Kotak shares slumped 12.10 per cent today to hit a one-year low price of Rs 1,620. It was last seen 9.83 per cent lower at Rs 1,661.90.

From the PSU banking space, Palviya liked State Bank of India (SBI) shares. "The stock could see Rs 820-830 levels in the next 2-3 days. Stop loss will be at Rs 750," Palviya said. SBI shares were up 1.44 per cent at Rs 784.30.

He liked Bharat Forge Ltd and Bharat Electronics Ltd (BEL) from the defence sector. "Bharat Forge is looking attractive at current market price. Rs 1,320-1,340 would be the next possible targets. Stop loss will be at Rs 1,245," the expert stated. Bharat Forge's stock jumped 6.98 per cent to trade at Rs 1,307.50.

"Possible upside targets for BEL would be Rs 250-255. Keep stop loss placed at Rs 233," Palviya from Axis Sec mentioned. Bharat Electronics shares rose 1.54 per cent to hit a 52-week high of Rs 240 today.

In response to query on Vodafone Idea Ltd, the market analyst said, "Those who bought the stock in FPO (follow-on public offering) for arbitrage perspective may consider booking profit. From a positional viewpoint, traders can hold it with stop loss placed around Rs 12.40-12.50. There's a high probability that the stock could attempt to give breakout above Rs 14 for next possible targets of Rs 16-18."

Shares of Voda Idea opened at a 7.2 per cent premium at Rs 11.80 today after its FPO shares listed on the bourses. The shares were last seen trading at Rs 13, up 18 per cent from the FPO price of Rs 11.

The telecom operator managed to raise Rs 18,000 crore, marking it as the largest FPO in the country's history.

Aditya Birla Group Chairman Kumar Mangalam Birla referred to the FPO as a turning point for India's telecom industry, adding that the event marked the "start of Voda Idea 2.0".