KOTAKBANK

5 Agu 2021

Kotak bank stock retraced 50% of wave 3 and formed an ending diagonal pattern in wave 4, finally has done breakout from ending diagonal pattern, it looks like the correction is completed and the stock is likely to started its next step of upmove, also the macd in daily time frame has turned bullish and done positive crossover, as the wave 5 unfolds the stock may cross above its all time high.
one can go long at current levels or in dips (if any) , all the key levels are mentioned on chart along with stoploss and targets.

wave structure

retracement by 50%

key levels

stock near to cross upper bollinger band

macd in daily positive crossover

dmi and adx positive ungali setup

rsi in daily above 60 and uptick

rsi in hourly above 60 currently at 80+


Disclaimer
I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing