Even if you are a active stock market trader, it always makes sense to have a core portfolio consisting of high quality stocks spread across key sectors. One can use technical analysis to fine-tune entry with an objective to hold this portfolio for the long term. Kotak Bank is one of the candidates which would qualify as a core portfolio candidate.
The company announced its quarterly earnings yesterday, which was not too disappointing. A look at the daily chart indicates that the stock has completed a brief downward correction and has probably resumed the next leg of the rally.
It is apparent that the blue set of trendlines are in tune with the price. We expect a rally to the upper blue line at Rs.1,050-1,060 range. The positive view on the stock would be invalidated if the stock falls below the support level at Rs.840. Let’s discuss higher targets once the price hits our initial resistance at Rs.1,050-1,060 zone.
(The view featured here is based on Technical Analysis of historical stock price action. Please read the Disclaimer)
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