KOTAKBANK trade ideas
Kotak Mahindra Bank weekly breakout1.Consolidation for nearly 43 weeks, it has given a beautiful B/O on 44th week and the streak is continuing for second consecutive week
2.On the negative side, I am not sure with the volume, we have to wait and watch in upcoming week
3. For me personally short term target is around 3 to 5 %. Stop loss may around 2%
Disclaimer : Just for education Purpose.
Caution before get in to trading.
Thanks Happy Trading :)
KOTAK BANK & BANK NIFTYHello
Welcome to this analysis on Bank Nifty and Kotak Bank
On the hourly chart Bank Nifty appears to be ending its 5 waves up from Aug 23rd lows (this can stretch to 38000)
Kotak Bank in daily time frame is at a Bearish Harmonic AB=CD Pattern along with 1.27x its Fibonacci extension of the IHS breakout. (this can stretch till 1925)
Both can cool off a bit from these levels - approx 38% of its recent run up could be a retracement level
KOTAKBANK double bottom pattern breakoutKOTAKBANK crossed the neck line of double bottom reversal pattern with high volume breakout, which is a very good indication that the stock will perform well in the upcoming days. But as you can see in the chart above a major resistance zone is present just above the close of the last daily candle. So price may retrace back from that resistance zone to the neckline creating a pullback and then finally get back into its rally to go beyond 2100 level.
So, I will suggest you to enter long in the stock once it crosses above the resistance zone, apparently above 2150 level, keeping stop loss at around 1913 and trail this stop loss to book profit.
Potential breakout signs in Kotak Mahindra BankKOTAK MAHINDRA 1D Chart Analysis
Showing great resistance/sellers area between 1800-1830. A strong support line is also identified.
✅ Must wait for breakout with a candle closing above resistance area with high volumes.
✅ Target somewhere around 2020.
🚨 Just my analysis, Not a tip