The Kotak Mahindra Bank stock has been in a consolidation mode in the past few weeks. From the daily chart featured below, it is evident that the stock enjoys a strong support at the Rs.680-700 range.
Apart from the red set of balance lines, the lower parallel of the blue pitchfork makes this price zone a high probability support band. The fall today offers an opportunity to buy the stock with a stop loss at Rs.670 and target of Rs.760. At the current market price of Rs.690, the risk-reward in this trade is little over 1:3, which is not awful. A rally beyond Rs.760 makes the risk-reward even more impressive.
(The view mentioned here is based on Technical Analysis of historical stock price action. Please read the Disclaimer)
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