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...
Buying kotak bank because of price is at rsi oversold area on daily chart and strong bullish candlestick marubozu type formation with good volume,weekly chart is also at rsi support zone and target is based on Fibonacci
Stoploss - 690
Target 1 - 747.45
Target 2 - 781.31
Kotak Mahindra Bank after retracing 50% to its short term trend and moved up again and further retracing to a target of 785.00 before moving in upward direction. trader may go short up the target of 785.00, and wait for situation breakout or upward movement. risky trader can go long at 785.00 with small stop loss if breakout occurs.
