Kotak Mahindra Bank has rallied from 520 to 695 odd levels broken down below support levels. The bearish dual triangular pattern formation breakdown in the entity is seen. The key near term resistance for the counter is seen at 650 - 660. According to our view traders can use the rise to sell the stock for targets of 6 _ _ and _ _ _ with stop loss of 672 odd levels.
Kotak Mahindra Bank Weekly chart
The charts displayed above are daily and weekly chart for the stock both confirming the bearish divergence in price and technical indicators is well. The weekly close below 660 - 650 will reaffirm the strong sell for the entity.
Raju V Angadi
Equity Research Analyst
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
Kotak Mahindra Bank Daily Chart
Kotak Mahindra Bank Weekly chart
The charts displayed above are daily and weekly chart for the stock both confirming the bearish divergence in price and technical indicators is well. The weekly close below 660 - 650 will reaffirm the strong sell for the entity.
Raju V Angadi
Equity Research Analyst
To know more about probable counts contact us back on rvangadi@googlemail.com
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
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