Hi Friends, I am sharing this technical analysis for Kotak Bank and its for intraday purpose to trade on 22nd Jun 2020
if Price unable to hold than next Support is 1200 Rs right now market is bullish so we expect it to go above but we will wait for perfect entry rather than gambling
My previous chart on kotak mahindra bank is a little off, so i thought i'll make a fresh one. Bullish Signals The daily candle formed a bullish engulfing candle. The Stochastic RSI is oversold and is attempting a reversal. The MACD on the Daily is converging and had a bullish crossover on the 4H. This is currently a sideways market, Bollinger bands...
Technical Analysis If you look at the MACD on the 3 Hour chart you can see a bullish convergence with a crossover nearby. - RSI Showing similar pattern which played out on April 8th, same goes with the MACD. - Kotak recently retested the strong support line as shown in the chart. Fundamental Analysis Kotak Mahindra Bank reported net profit at Rs 1,267...
If it breaks the triangle, then it will go upto 1417.75. If it falls then it will take support at 1160, then it will rise till 1417.75 (22% gain)