KOTAK MAHINDRA BANK : SHORT TERM PICK NSE:KOTAKBANK
CL.PRICE : 1884.60 (NSE)
Analysis : BUY
Stock has been performing bullish since last 5 days and today it had a successful close above decision point / important resistance zone where lot of bearish consolidation has taken place in the month of June 2022.
The Bullish trend may continue for next few weeks...
Kotak Bank on the Daily chart is on the verge of breakout, I am Entering into Long Position in KOTAKBANK future Around 1870 For the Targets of 1990 and Stoploss below 1815 (Time Horizon 15 Days)
Reason To Buy Kotak Bank:
# Stock Today Crosses 200 Days EMA.
# Falling Wedge Pattern Breakout Seen.
# Banking Sector Trading in Strong Momentum.
# Frontline Blue Chip...
Kotak Mahindra bank given breakout on daily charts on horizontal trendline resistance and on Bollinger bands too looking strong.
Cause of Long
1- Breakout on horizontal resistance line
2- Breakout on Bollinger bands too
Kotak Mahindra Bank seems poised for an upside after bouncing from key support area.
It has reached historical 10 Year PE level of 25-30ish and S2 Fibonacci Pivot as well.
There has been consistent topline and bottom line growth, with increasing market share from shift to organized sector.
This is not an investment advice. Only for research purpose.
Kotak Bank looks like in accumulation zone.
For Investor Mindset - an SIP in Kotak Bank within the channel will give good and safe gains.
For Trader Mindset - Wait for a bounce back from RSI in 35-40 range, will give a good swing trade going ahead.
* Note - Material only for informational purposes, do your own due diligence before taking positions.
Current bias is bullish
After recent breakout stock currently in pullback zone
1840-1880 seems to be a good range
Break and sustain above 1880 will take stock back to 2K levels
Risk to reward seems excellent