Description
⋅ Kotak Bank has given breakout from channel ascending channel pattern with strong volumes.
Wait for retracement to enter between 1550-1565 levels. Targets will be 1645/1700 and SL will be at 1535.
SL is on closing basis.
Trade is valid only if retracement comes and not valid above the price range.
Risk/Reward: 2.66/4.5
Trade active
⋅ Entry Condition met. Entered at 1553, Targets 1645/1700 and SL 1525
Trade active
⋅ Nifty is showing strength. Keep strict stop loss at 1525 and wait
Comment
⋅ What a move by nifty , trading almost flat when heavy fall was expected. Kotak is also up by 1.7%. Targets ate intact for 1645/1700 with SL at 1525.
But for keeping the position overnight hedging is must. Hedging may be done by buying 1500 put.
Trade closed: stop reached
⋅ SL Hit at 1525. Booked 1.5% loss