Kotak Bank - Classic hammer at support zone
Kotak Mahindra Bank reached top in the end of October and at the top we found a bearish candlestick called Shooting Star.
Price keep on falling after the formation of shooting star and trend is downward - forming lower highs and lower lows.
Overall scenario is negative like trend is downward, price is below all major moving average, falling window and so on.
But when we give more importance to the current price action then we found a classic hammer at important support level and also noted that bullish divergence in RSI.
Symmetrical Triangle pattern formed in RSI and expected to break upside.
We got a confirmation major of banking sector - Bank Nifty.
Support 1670
Nearby Resistance
R1 1755
R2 1820
R3 1960
Price keep on falling after the formation of shooting star and trend is downward - forming lower highs and lower lows.
Overall scenario is negative like trend is downward, price is below all major moving average, falling window and so on.
But when we give more importance to the current price action then we found a classic hammer at important support level and also noted that bullish divergence in RSI.
Symmetrical Triangle pattern formed in RSI and expected to break upside.
We got a confirmation major of banking sector - Bank Nifty.
Support 1670
Nearby Resistance
R1 1755
R2 1820
R3 1960
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