Jul 6, 2024
Technical Pick of the Week #8 - Kotak Mahindra Bank
Kotak Mahindra Bank, established in 1985, has grown to become one of India's leading financial institutions.

Price Action Analysis:
The stock witnessed a 20% correction in the previous month. In the past 2 weeks, the stock has recovered, and the upward momentum is looking strong. The stock gave a breakout above 1650 with more than average volume. A gap filling is anticipated which can lead the price to the 1800-1850 zone.

Moving Average:
The stock has been trading below the 50 and 20 EMA for the last 1 month. The 20 EMA level was broken recently which turned the short-term momentum from negative to positive.

Bollinger Bands:
The stock successfully broke the middle band with average volume which reflects a fresh breakout. The upper band is at 1820-30 which will act as a resistance in the short term.

Mool’s Outlook:
We anticipate a target of INR 1850 in the stock in the next 6-8 months, which reflects a 14% upside in the stock.
Stop Loss should be maintained at INR 1630
Disclaimer:
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