Equity markets have been
in frenzy since past few days. Sector specific action has continued. During
such times it becomes difficult to find a trade set-up. We have been able the
capture the swings in various stocks with the help of Elliott Wave and other basic
techniques. Kotak Bank is one such stock wherein we captured the move from 1256
towards 1215 levels.
Below is the research which we have published
in our daily report “The Financial Waves STU”
Kotak Bank 60 mins chart: Anticipated as on 5th
August 2018
Kotak Bank 60 mins chart: Happened as on 10th
September 2018
(Below is an extract of write-up taken form
the research report)
Anticipated:
In the previous session Kotak bank traded in the red zone and made a low
near 1251 levels. Post forming a lifetime high in July the stock has not shown
any sign of positive reversal and break of important resistance levels are
required for the bias to turn positive.
As shown on 60 mins chart, prices are currently moving in the last leg of
Diametric pattern, wave g which is expected to take the prices towards 1221
levels which is also the 50% retracement of the previous rise. Also, the EMA is
acting as a resistance which keeps the bias bearish until we see the prices
moving above the EMA.
In short, overall trend for Kotak Bank looks negative. Any pullback
towards 1265 can be used as a shorting opportunity for a move towards 1220
levels.
Happened:Kotak bank moved precisely in line with our expectation and post showing
a pullback till 1265 levels moved downwards to make a low near 1215 levels.
Get access to
the daily equity research report – “The Financial Waves short term updates" which provide view on the
Nifty, Bank Nifty and other stocks in our daily report - See now
.png)
No comments:
Post a Comment