the_consolidation_guy

Possible Breakout in KotakBank

Long
NSE:KOTAKBANK   KOTAK MAHINDRA BAN
After the close of today's session (31/05/2021), Multiple bank scrips in NIFTY seems to be hovering around a defined resistance zone .
KotakBank seems to be one of them.

Notes:
- The Scrip has been consolidating heavily since 24th March 2021 between 1691 and 1815.
- The points where the scrip previously tested the ranges are highlighted and you can see the rejections.
- It is currently consolidating right below a resistance zone for the past 2 days making a flag pattern .
- Open for both aggressive ( above 1815 since the flag breakout will be confirmed) or conservative traders ( Above 1825 to clear previous 2 Swing highs)


Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.
Trade active: It has broken down from the flag pattern (F1) and has made another new flag (F2) with a shorter pole.

Still bullish, expecting a breakout from the 1815 zone.
Trade closed manually: Should have posted the daily chart. Sorry.

Manually closing the post.
Comment: Looks like a descending channel formation
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