The stock broke above the Previous Resistance with a Big Bull Candle with a Huge Volume. Now It is retracing back to the resistance level which would now work as immediate support Support levels: 1937-1942 Resistance: 1988 and 2016 Type of Trade: Swing, can covert into positional, as higher timeframes are quite a in sync with short timeframes. Great Risk...
Kotak Mahindra Bank consolidating in a rising wedge pattern and is taking a resistance from the resistance zone. Though,the stock is taking support at its 20 DMA. It has formed a perfect doji candle on the weekly time frame. The stock is trading around its hourly 20 ema. A trade can be initiated if the stock breaks down the wedge and an hourly candle close...
Since all the banks have either broken the range or moved to all time high, I expect kotakbank to also join the party. Besides Kotakbank has been hovering the resistance multiple time, it could possibily break this resistance this time. If Kotak bank opens flat and moves above 1974, I would go long with a target of around 2000 and stop of 5-6.
wave theory simplified gorgeous channel of price movement NSE:KOTAKBANK
Im Buying Kotak Bank With Small Stop loss to 1945 target to 2000 + Bank Nifty Is strong for coming week..
The views expressed here are for our record purposes only. Please consult your personal financial advisor before investing. We are in no way responsible for your profits/losses what so ever. Reason why am on bullish side: a) Strong Supply area breakout