Technical Outlook & Trading Strategy:-
The share price movement of Kotak Mahindra Bank appears to be taking form of a Head & Shoulder pattern.
A Head & Shoulder is a bearish pattern as it is associated with sharp price decline once the share price records a breakdown from its neckline.
In the case of Kotak Mahindra Bank the neckline is placed at the levels of Rs 454. The measuring implications of the pattern suggest that following a breakdown the share price could head towards the following price levels: Rs 438 /Rs 430.
We recommend traders to sell below above Rs 454 with a stop placed above Rs 465.70 for the above mentioned target.
