Kotak Bank has been forming a curvy trading range near life time high. RSI is continuously drifting downward. Once it broke resistance line but same was not confirmed on the curvy resistance line. Counter requires close above 1510 to come out of the range zone . It is trading below both 10 & 20 DEMA. Volume has almost dried up in the whole curvier trading zone...
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.
KOTAK BANK has formed a rounding top and broke down with good selling and closed below support .
It has formed 5 NR candles today . Can go short below 1475 with stop loss of 1515 and targets to trendline support of 1420 .
Nifty made an All Time High (ATH) of 11810 on April 16, 2018, however Bank Nifty is catching up, it first has to touch its previous high of 30646 levels and then surpass that level to make a ATH.
According to me the ATH in Bank Nifty would soon be conquered at 31070-31100 levels. Its a matter of when and not how.
Well the set up seems to be quite robust,...
In my last analysis we caught some 80-90 points in our net. Our target was low enough, but locking profits is the key. Now again short with the mentioned target and sl and keep locking the profits.
Kotakbank is going to give a big deeper correction towards 950 levels. I would keep a stoploss at 1360 and short Kotakbank at current levels or if it goes little higher.