the stock had seen a good fall from past couple of days and hads successfully filled the gap , while other stock like icici sbin kotak may witness a fall , this along with hdfc bank and rbl bank can give a good upside retracement.
Rounding Top pattern confirmed in KotakBank. Neck level 1467.5 is broken decisively and the stock can be considered as Short candidate. Do note that volume has been diminishing as the pattern was formed adding further confirmation of a temporary weakness. Target for short selling comes at 1394 according to the pattern, whereas 1400 as target could be safer.
Minimum Potential shown by the Price Action. Implied Volatility has declined which makes a good return in Options trade.
A good 3-4 days positional trade with an entry point of 1480 and stop loss of 1500. NSE:KOTAKBANK Ko
All levels Mentioned in the chart.
P.S. These are my views, doesn't mean anyone should take random trades basis this. Please do your own analysis or consult a reliable adviser.
my stance is bullish but at levels so will like to buy at lower levels , already nifty and banknifty are oversold . a bounce and consolidation very llikely.
structure looks well , important base at 158-165 zone
upside can even be above 210 as it tested the levels multiple time . risk reward in favour on long side .
