PICK OF THE WEEK: KOTAKBANK (NSE)
13th November 2019
- Pick of the Week: Buy KOTAKBANK in Cash @ 1620.15 & Upto 1600.00 SL 1500 TGT 1860.00.
- On a monthly chart, the stock is sustaining at higher level after taking a support of its Horizontal line which suggests a northward movement in the counter.
- On a weekly chart, the stock has taken a support of lower band of Upward Rising Channel with the support of 21 WMA which suggest bounce back movement in the counter.
- On a daily chart, the stock has given breakout of its falling trend line which indicates a bull run in the counter.
- Prices are sustaining above “Ichimoku Cloud” with positive crossover between TenkanSen Line and KyunSen Line which suggests northward journey in the Stock for long run.
- A daily momentum indicator RSI reading is at 58.85 level with a positive crossover which points out for a positive breath in the stock.
- Based on the above technical structure, we are expecting a good upside movement in the counter in a few trading sessions.
Our Recommentation is to