KOTAK MAHINDRA BANK
Open-1763.90--High-1779.60--Low-1754.35—Close-1771.10 on 1.9.2023.
Support:1757.70/1751.40/1746.50/1721/1696.05/1643.50/1631/1626/1576/1541/1501.50/1398.45/1267/1230.60/1110/1001.
Resistance:1799/1802.85/1805.85/1815.30/1828/1845/1856.45/1902.50/1951.75/1975/1980/1987.75/1997.55/1999.35/2027/2049/2064/2127/2253.
(Bold and underlined figures are most important).
It has been moving in a range of 2049---1626 for quite a long time and now almost evenly placed. The overall technical setup is weak now therefore it may slide further from here, but please note that moving down it has very strong support in the range of 1752---1740 and it may bounce back from this range but break below this range can push it down to its next critical support range of 1660---1626 this seems to be the worst price range for now. It is important to mention here that sustained break below this range can drag it down much lower, chances of which looks slim at this point of time.
Kindly note that moving up from here it will encounter very stiff resistance in the range of 1828---1870, if it moves above 1828 and sustain then it will gain some strength, if it moves above 1870 and sustain then it may get into steady up movement. It is important to mention here that if it moves above 1778 and sustain on the closing basis then it will enhance the possibility of a reasonable or good up move.
In view of the above observation, for investors it is suggested to accumulate the stock now and on decline in a staggered manner but not below 1626 with a stop loss of 1600. High risk traders can try long trade if it closes above 1778 with a stop loss of 1750 and risk-averse traders can try long trade if it moves above 1828 and sustain on the closing basis with a stop loss of 1810.
NOTE: - It is a technical assessment of the stock as of now, the
technical interpretation changes with the price movement and time, therefore it
has to be reviewed at regular intervals, furthermore investors are advised to look into
fundamental, financial details of the company and last but not the least
management perception for the future of the company before taking investment
decision.
Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.