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Kotak Mahindra Bank Technical Opinion suggests that stock is in a short bearish phase and if the key support levels are broken then it can enter into a downtrend.
The technical analysis of Kotak Mahindra Bank shows that this stock trade within a channel from last 4 years. As and when it went out of this channel, it quickly moves back within the channel. A good investment strategy is to buy this stock when it bounces back from the bottom line of the channel.
On Fibonacci Retracement, the stock takes support at the 50% level and 23.6% level act as resistance for up move. The volume analysis suggests that there is delivery based selling in the stock and currently the stock is under consolidation. The backtesting of the technical analysis suggest that Kotak Mahindra Bank can fall sharply post-consolidation.
Kotak Mahindra Bank has a high correlation with the NIFTY movement and for such stocks, it is better to hedge the risk & invest in Index mutual fund, ETF or index futures.
The option chain analysis suggests strong resistance and weak support. It is bearish for short term i.e. current expiry.
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