Kotak bank, after its fall post its quarterly earnings report, has retraced back quite significantly. Right now, the stock is around a resistance level. On the hourly chart, we can see some pick up in volumes traded towards the end of the day. The significant buy towards the end could make one ponder upon such an increase in volumes and might continue with the uptrend breaching the resistance. Would advice to watch the stock at the beginning part of the day on Monday and watch for points to go bullish. However, since this is a resistance level and owing to general negativity in the global market platforms we could confirm this level to be a significant resistance level. Its better to watch the first 15 minutes of the market and pick a direction.
Comment:
As mentioned above, we picked the direction of the stock on Monday 27-1 based on the first 15 minute candle. We initiated a short and made some good move