KOTAKBANK technically breaks the support!
Expecting 1250 - 1300 in coming days till 1780 is safe on upside.
Fundamental - Recent RBI sanction on KOTAKBANK has direct impact on new business which is basically online Credit Card issuance due to ignorance on poor IT infra. So in short no new client can be onboarded digitally, unless the IT issue is solved and assured back to RBI, this will involve burning money in improving IT infra, also BANK may have to open branches now which was actually going digital but may have to chose the hard way of opening physical branches overall increasing the expense for the BANK.
Expecting 1250 - 1300 in coming days till 1780 is safe on upside.
Fundamental - Recent RBI sanction on KOTAKBANK has direct impact on new business which is basically online Credit Card issuance due to ignorance on poor IT infra. So in short no new client can be onboarded digitally, unless the IT issue is solved and assured back to RBI, this will involve burning money in improving IT infra, also BANK may have to open branches now which was actually going digital but may have to chose the hard way of opening physical branches overall increasing the expense for the BANK.