News: The National Stock Exchange will include KOTAK BANK in its benchmark Nifty Index, replacing GRASIM w.e.f. April 8; selling pressure in GRASIM may be seen while KOTAK BANK can see fresh buying as index funds change composition.
Impact: Index based funds would churn their investment as they would exit GRASIM and add KOTAKBANK which would be positive for KOTAKBANK in short term
Technical view: KOTAKBANK holding low of Rs.695 would be very positive for the stock and near term target of Rs.760-785 can be possible.
