Kotak Bank
Time Frame : Weekly
Remarks : Based on price action & chart pattern analysis/observation its been since 2019 that Kotak has spent 80% to 85% of its journey into consolidation excluding covid crash & reversal.
Most underperformed stock in the nifty 50. Crossed 200 ema last week & facing descending triangle resistance. If breaks out that then will reach upside of consolidation because it is also approaching 61% fibonacci mark on day chart.
On weekly chart there's strong flat kumo which is another strong make or break resistance & sharp rally upwards in case it crosses flat kumo.
1827 is also strong support & resistance are confluence with flat kumo & above descending triangle.
Therefore, Kotak bank has reach at its most interesting point where if it really breaks out 61% on day chart + flat kumo + descending triangle then for sure it will lead bank nifty, else same story of consolidation will continue....
Regards,
Ankur Singh
Time Frame : Weekly
Remarks : Based on price action & chart pattern analysis/observation its been since 2019 that Kotak has spent 80% to 85% of its journey into consolidation excluding covid crash & reversal.
Most underperformed stock in the nifty 50. Crossed 200 ema last week & facing descending triangle resistance. If breaks out that then will reach upside of consolidation because it is also approaching 61% fibonacci mark on day chart.
On weekly chart there's strong flat kumo which is another strong make or break resistance & sharp rally upwards in case it crosses flat kumo.
1827 is also strong support & resistance are confluence with flat kumo & above descending triangle.
Therefore, Kotak bank has reach at its most interesting point where if it really breaks out 61% on day chart + flat kumo + descending triangle then for sure it will lead bank nifty, else same story of consolidation will continue....
Regards,
Ankur Singh