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* On an option front, we are seeing Long Built Up in “At The Money” CE strike price as well “Out of the Money” CE strike price which indicate bullish movement in the stock.
* On a daily chart, the stock has given breakout of its upper band of Symmetrical triangle formation which is a bullish reversal formation which indicates an upside movement in the counter.
* Moreover, the stock has been trading above its 21 & 50 Days Simple Moving Avrages which show positivity in the counter.
* A daily momentum indicator RSI’s reading is at 56.39 level with positive crossover which points out for a positive breath in the counter.
* Based on the above technical structure, we expect a bullish move in KOTAKBANK 1520 CE.
Buy Kotak Mahindra Bank Ltd @35.20 Stop Loss 22 Target 61.60
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