This is chart of Kotak bank on NSE (INDIA) in daily time frame with CMP @ 1233.95. Following observations made on the chart indicated bullish view and possible long trade:

1. Various horizontal lines have been drawn on the chart exhibiting supports/resistances which are evident with price actions.
2. Post deep correction during 16th July 2018 to 1st Oct 2018, reversal is observed.
3. Post correction to 61.8% of impulsive wave formed during 8th Oct -22nd Oct 2018), price once again moved up crossing EMA 20, EMA50 and SMA200. This correction to 61.8% also coincide with established support drawn with horizontal line.
3. RSI being above 60 indicates good momentum

4. MACD indicates bullish view

However, immediate forthcoming resistance is at 1289 which has been marked on the chart. Considering the b/o of symmetrical triangle, it may target beyond 1289 as indicated on the chart as T-2.

In view above, it looks a good long trade to ride on with stop to move along trendline drawn.

Happy trading.....
Devesh Kumar Sinha (DK)
Nagpur (India)
Expecting some resistance around 1245-47, Your view on that level Sir ?
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