August 12, 2015
Kotak Mah Bank (NSE Cash)
SELL
` 720
` 697 - 703
` 658
5-10 sessions
680
657
711
718
Bearish
Source: Falcon (Chart time - IST 10:10)
After the sharp rally in the year 2014, the stock has started moving in sideways direction and formed
a ‘Megaphone’ pattern in the daily chart. Recently, the stock has taken resistance around the upper
end of the mentioned pattern and started falling.
In last week, we observed some bounce in the stock towards the gap area created on the July 31,
2015.
The ‘RSI - smoothened’ oscillator is moving well below its average in the daily chart, indicating
weakness in the counter.
Considering the current chart structure, we advise traders to sell this stock from current level to a
rise up to ` 703 for a target of ` 658 in coming 5 to 10 trading sessions. The stop loss for this
trade set up can be kept at ` 720.
August 12, 2015
Kotak Mah Bank (NSE Cash)
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