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Trading Kotak Mahindra Bank with RSI Edge

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Kotak Mahindra Bank has run into a twice tested resistance area. A probable triple top (classical chart pattern) formation is noticed on the daily charts. On 9th a shooting star was seen followed by a engulfing candle.

Appearance of these bearish candle at resistance signal a correction to the ongoing move. 1100 remains a probable support for the stock, breaking below it doors to 1080 and 1050 will open. The RSI is also showing dull gestures. The fact should not be ignored that the trend is still up! Any move above 1140 will negate the view.

Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA

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