Weekly chart of Kotak Mahindra Bank is appended below.
- The stock was under a long sideways move between 700 to 850 levels since October 09;
- The price has broken the resistance of 850 which also is 50% retracement level of the decline from January 08 to March 09;
- The stock has been trading at above average volumes since the last few weeks;
- It has begun tagging the upper band indicating the beginning of an uptrend;
- RSI has moved above 60 levels;
- The above is also supported by the outperformance of the banking sector since the last few weeks.
One can go long on Kotak Mahindra Bank at CMP as well as on dips to 840 with stop loss at 823 for targets of 880, 895 & 920.
Kotak Mahindra Bank Future – Weekly
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- Norman
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- Murk
Intriguing article.
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