Kotak Bank (CMP: 659.6)
The weekly chart shows the stock is moving within the rising channel set-up for
last 4 years. The stock has kissed the rising trend line support level as well
as median line level which suggest that bounce back on the cards. Valid support
level placed at 588.
And an addition, 100 week SMA act
as a crucial support which is placed at 603. On the weekly chart, stochastic
shows multiple leg of positive divergence which shows bullish reversal.
Recommendation: Traders can buy at
CMP (or) on dips to 655 - 645 levels with a stop loss of 603(closing basis) for
the target of 723 - 755 levels.
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