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.
KOTAKBANK (Kotak Mahindra Bank Ltd) SELL BELOW 1210
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. Happy Trading! Siraj Hudda www.wavetradingacademy.com
KOTAK BANK is in the NICE Bearish LEG. .
will wait for confirmation and sell kotak for immediate target of 1020
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...