KOTAKBANK - Cup and Handle - Breakout -Daily
KOTAKBANK - Cup and Handle - Breakout -Daily
This chart represents the stock price movement of **Kotak Mahindra Bank Ltd** on the NSE, plotted on a daily timeframe.
### Key Observations:
1. **Cup and Handle Pattern:**
- The chart outlines a **Cup and Handle** pattern, which is a bullish continuation pattern. The "cup" is the rounded bottom formation followed by a consolidation phase forming the "handle."
- The pattern suggests that a potential breakout is underway.
2. **Resistance and Support Levels:**
- **T1 - 1963 INR:** This is the first resistance level (Target 1) based on the pattern breakout.
- **T2 - 2049 INR:** The second resistance level (Target 2).
- **T3 - 2194 INR:** The final target level if the momentum continues upward.
- **Support levels:** Strong support exists at **1625.95 INR** and **1543.85 INR**, which provide a downside buffer in case of price correction.
3. **Volume Trends:**
- There has been a noticeable increase in volume during the recent breakout, which adds confirmation to the upward momentum.
- The chart highlights a notable surge in trading volume, likely indicating significant buying interest.
4. **Pattern Breakout:**
- A clear breakout is shown from the handle pattern, and the price has reached **1904.50 INR**, closing above the **1870 INR** mark.
- The breakout target suggests potential upside gains of **8.99%** and **17.32%** from the breakout point, aligning with the target prices (T1 to T3).
### Conclusion:
- The chart signals a bullish breakout from a technical perspective, supported by a well-formed Cup and Handle pattern, and the price has breached a key resistance zone.
- Traders may look for **targets around 1963, 2049, and 2194 INR**, while being cautious of the key support levels below.
This chart represents the stock price movement of **Kotak Mahindra Bank Ltd** on the NSE, plotted on a daily timeframe.
### Key Observations:
1. **Cup and Handle Pattern:**
- The chart outlines a **Cup and Handle** pattern, which is a bullish continuation pattern. The "cup" is the rounded bottom formation followed by a consolidation phase forming the "handle."
- The pattern suggests that a potential breakout is underway.
2. **Resistance and Support Levels:**
- **T1 - 1963 INR:** This is the first resistance level (Target 1) based on the pattern breakout.
- **T2 - 2049 INR:** The second resistance level (Target 2).
- **T3 - 2194 INR:** The final target level if the momentum continues upward.
- **Support levels:** Strong support exists at **1625.95 INR** and **1543.85 INR**, which provide a downside buffer in case of price correction.
3. **Volume Trends:**
- There has been a noticeable increase in volume during the recent breakout, which adds confirmation to the upward momentum.
- The chart highlights a notable surge in trading volume, likely indicating significant buying interest.
4. **Pattern Breakout:**
- A clear breakout is shown from the handle pattern, and the price has reached **1904.50 INR**, closing above the **1870 INR** mark.
- The breakout target suggests potential upside gains of **8.99%** and **17.32%** from the breakout point, aligning with the target prices (T1 to T3).
### Conclusion:
- The chart signals a bullish breakout from a technical perspective, supported by a well-formed Cup and Handle pattern, and the price has breached a key resistance zone.
- Traders may look for **targets around 1963, 2049, and 2194 INR**, while being cautious of the key support levels below.
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