Kotak Bank has been forming a curvy trading range near life time high. RSI is continuously drifting downward. Once it broke resistance line but same was not confirmed on the curvy resistance line. Counter requires close above 1510 to come out of the range zone . It is trading below both 10 & 20 DEMA. Volume has almost dried up in the whole curvier trading zone which signifies lack of activity from both buyers an sellers.It broken this range one time but again fell back within the range. Is it a distribution at higher range? It will be know once market gives close below 1400 on daily basis.
Trader can sell on rise near 1480-84 (20 DEMA) with stop loss above 1510 for lower target of 1400 (support line + curvy line support).
Trader can sell on rise near 1480-84 (20 DEMA) with stop loss above 1510 for lower target of 1400 (support line + curvy line support).
Trade closed: stop reached