Dear Readers,
Our pick for today is Kotak Mahindra Bank. It is a Large cap Private sector bank. It offers banking products and financial services for corporate and retail customers.
Our Mandatory checklists are
- Candlestick & Delivery Volume Analysis
- Future Open Interest
- Option Open Interest
- Technical Analysis using Ichimoku system
- Overall
- Stop Loss & Risk Reward Ratio
Let's look at the chart from the Tradingview below,
The last few day candles formed a flag pattern on a daily timeframe and yesterday it broke the flag pattern with regular-sized candles with medium shadows on both sides
The percentage of delivery volume in terms of traded quantity is 39.2% as per the NSE website.
Also, as per the charts, the volume is above the average volume for the past 10 days and volume is increasing which shows positive momentum in the delivery.
2. Future OI:
The stock was showing Short covering in the past few weeks and fresh OI have been added only from yesterday. This shows a positive sign.
3. Option OI:
As per the Option open interest, the support for the stock will be at Rs. 2,200 and some resistance will be at Rs. 2,300. If it breaks and sustains above 2300 level we can expect further momentum in the stock
4. Technical Analysis:
As per the Ichimoku indicator, the price above the cloud and all the components are also showing positive bias as follows
- Tenken Sen - Points upwards and closer to the price
- Kijun Sen - Points upwards and close to the price
- Senkou Span A - Points upwards and cloud is green
- Senkou Span B - Points upwards and cloud is green
- Chikou Span - Free in open space and don't have any immediate resistance on its way
RSI is at 76 and pointing upwards which shows bullish momentum.
5. Overall:
Overall the stock is showing more positive clues than negative.
6. SL & RR:
Stoploss for the stock can be at 2148 and Target can be at 2300/2400. The RR will be 1:1.45 for 2300 1:3 for 2400.
Thanks to Tradingview, NSE India.