Kotak Bank Start of Cycle Wave 3 or Zigzag wave C
On weekly chart Kotak Mahindra Bank has given break out of the falling trend-line and has given a close above it suggesting end of end cycle degree wave 2 or cycle degree zigzag wave B.
In both the case's we can expect price's to show an impulsive raise in coming days which can take prices to the levels of 2785(incase of zigzag wave c by August 2024.) and 3490(incase of wave 3 by August 2024.)
This price levels are typical price target for wave C Zigzag and wave 3 of an Impulse.Which scenario will play out only time can tell.
On the downside stop-loss for this long trade is coming at 1660 which is about 15% from current price of 1938.Any weekly close below this level of 1660 will indicate exit from long trade.
Risk reward for Zigzag pattern is 1:3 and for impulse is 1:5.
One can keep trailing stop-loss of raising 0-2/0-B trendline.
Also price seems to be following 18 week cycle,and current cycle is ending near 26 june,hence can expect minor low around that period,which can be a potential buying opportunity.
Disclaimer:This are just my views on the stock no position should be solely taken on its basis.
In both the case's we can expect price's to show an impulsive raise in coming days which can take prices to the levels of 2785(incase of zigzag wave c by August 2024.) and 3490(incase of wave 3 by August 2024.)
This price levels are typical price target for wave C Zigzag and wave 3 of an Impulse.Which scenario will play out only time can tell.
On the downside stop-loss for this long trade is coming at 1660 which is about 15% from current price of 1938.Any weekly close below this level of 1660 will indicate exit from long trade.
Risk reward for Zigzag pattern is 1:3 and for impulse is 1:5.
One can keep trailing stop-loss of raising 0-2/0-B trendline.
Also price seems to be following 18 week cycle,and current cycle is ending near 26 june,hence can expect minor low around that period,which can be a potential buying opportunity.
Disclaimer:This are just my views on the stock no position should be solely taken on its basis.
Feragatname
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