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Kotak Mahindra Bank Share Price Target based on Technical Analysis suggests that currently, the stock is in a distribution phase i.e. the third stage of the 4 phases of the stock market cycle. The no of red candles in the box is 31 and not of green candles are 29.
This stock has also formed four tops on the daily chart and the M or double top pattern becomes more reliable as more and more no of tops is formed. This stock also follows a triangle pattern and there are multiple support levels till the triangle is formed.
The Fibonacci retracement suggests that the stock is trading in a narrow range between the 0 i.e. top and 23.6% retracement level. Currently, the stock is trading near 20 period EMA and for long term or multibagger pattern, the 100 period EMA is more reliable compared to the 200 period EMA.
The volume analysis does not give a clear picture. However, on the basis, the high volume and high delivery % days suggest a delivery based selling. The stock does not have any correlation with the Nifty and the option chain is currently neutral.
The weightage of Kotak Mahindra Bank in Bank nifty is 14.09% and the interesting fact that in the last one year, only the top 4 stocks of bank nifty have delivered +ve returns.
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