Trade Idea of The Day - Kotak Mahindra Bank Ltd Target Rs.15 - Religare Broking Ltd
Kotak Mahindra Bank Ltd
BUY 27 OCT 400 PUT Entry Range 6.5 – 8 Target 15 Stop Loss 3
Rationale
• On the daily chart, KOTAK BANK has recently witnessed a fresh breakdown below its rising trendline support at the 405-410 zone, which has aligned with the short-term moving averages of the 20-DEMA as well as the 50-DEMA, indicating weakening momentum.
• The key momentum indicator, RSI, is hovering near the 40 mark, reflecting fading strength. At the same time, the MACD has weakened, with a bearish crossover and an expanding negative histogram, supporting the ongoing corrective phase.
• On the downside, any fresh break below the 400 mark correction might extend towards the immediate support zone of 385-390. However, a recovery above the 412 mark could ease the selling pressure in the near term, while sustained trading below these levels could keep the bias negative.
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SEBI Registration number is INZ00017433
