In the previous session, the market opened a gap up and the
index roared with gains of 276.30 points, hitting a fresh record high of 17843.90. A one-sided rally has been seen in the market on the weekly expiry day. Technically, No signs of weakness have been seen yet. Hence, we recommend approaching the markets in a sector and stock-specific way. Sectors to watch are Realty, Cement and Metals.
Indian Stock Market would open flat. The market is in the positive zone and traders should go long at every dip in the market until it holds above 17563 for Nifty and 36900 for BankNifty. Following Stock looks technically strong and may see a sharp rally in upcoming days.
Kotak Mahindra Bank (NS: KTKM ) Ltd
NSE :KOTAKBANK BSE :500247 Sector : Banks
Looking at the daily chart, we can expect Kotak Bank to see a fresh breakout once it sustains above the 2050 level. Stock will enter uncharted territory. The relative strength index is trading above 70 which suggest clear momentum in the stock.
Bank Nifty is also ready for the up moves breaking all-time highs since the last few months Bank Nifty has underperformed compared to the Nifty Index and now seems to support the market if Banknifty sustains above 37800 tomorrow in Friday’s trading session. Kotak Bank is expected to see smart moves supporting the overall banking sector.
Looking at the chart pattern and chart structure We suggest short term traders take a long position in Kotak bank once it sustains above 2050 for 15 mins expected targets on the upside are 2090- 2125. As tomorrow will be the last trading session of the week we recommend placing a strict stop loss below 2010 on an hourly closing basis.
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