Kotak Bank: Possible Top Formation (Medium Term)
There is a possibility of KotakBank forming a Head & shoulders pattern with "equal low" in formation and then "lower high" and "lower low" are expected which should complete H & S pattern.
It is possible because the weakness is evident in KotakBank as it looks like "big players / smart money" selling off - distribution, and retailers "Weak hands" buying. Rsi also confirms divergence.
If shorted after neck line break, Rs 829/- should act as a support, which also coincides with key Fibonacci ratio 0.618.
Possible downside is about ~16.79% to 829/- rs from the present price of 992/- rs
