Chart Analysis:- On hourly TF of Kotak Bank we can see that Stock is making two patterns – Symmetrical Triangle and Cup - where Triangle is already formed but cup is yet to be form. As we know symmetrical triangle is bullish pattern and cup is forming so after a triangle breakout with a good volume we’ll see our expected targets and we can also take a help of indicators to confirmation of trade.
• RSI is at 55 levels and also taking support on trendline.
• On DMI DI+ line is crossing DI- line and approaching upward ADX line is below 20 which shows low momentum in stock right now but it will also support after Triangle breakout.
• Bollinger bands is also giving Bullish signal stock is taking support on 20 EMA line.
Entry point- 1756 - 1760
Targets
• 1770
• 1783
• 1809
Stoploss –
• 1727
Disclaimer - I am not SEBI registered analyst and I can be 100% wrong so do your own due diligence and consult with your financial advisor before investing.
Trade closed: stop reached:
Stop Loss hit !!!!!