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KOTAKBANK

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
NSE:KOTAKBANKShort
by SunnyPawar
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