A channel is observed, the stock is trailing near the support region of the channel, and a reversal is expected in BANKNIFTY shows a positive trend in the coming days. If the price falls below 1950, we may expect a breakdown from the channel and further downside can be expected provided BANKNIFTY shows a negative trend to support the downtrend.
Overall, I feel...
Banknifty still having selling pressure Don't even think to buy any bank nifty future or CE . Even Dont buy bank stocks for now
If the market open flat or small Gap up or Gap down then we can still short it or other bank stocks like axis , icici , kotak bank short
Gap level's indicated by blue lines
Wait for a signal if you are trading on indicators for...
-stock broke above its 200-ema and sustained
-along with that the stock broke out of its ascending triangle pattern
-after a throwback the stock cameback with furious momentum
-taking over its previous crucial resistance of 1448
-now next targets on the upside for kotak bank is 1520-1540
SEPTEMBER FUTURES TRADE...
TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
June Series Option can be tried.
Wait for entry setup, if available then Long/short.
Reward is 8-10 Times
KOTAK BANK BUY ABOVE 1400
IF TRADE AND SUSTAIN ABOVE 1400 THEN
TARGETS: 1412, 1424, 1435, 1444, 1450
PREPARING BASE AND READY FOR BREAKOUT
IF SUSTAIN ABOVE 1450
THEN 1455, 1462, 1475, 1482
Posting for Educational purpose only
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1. Kotak Bank stuck in Descending Triangle Pattern.
2. Price took reversal from the Triple Bottom Formation.
3. Inverted Head and Shoulder Formation about to complete on Hour Chart.
4. BUY ABOVE: 1183 TARGET: 1214 , 1275 STOP LOSS: 1125
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