July 31, 2018 / 6:16 AM / 3 months ago

BUZZ-Kotak Mahindra Bank: Technicals suggest end of uptrend

** Kotak Mahindra Bank Ltd's shares, up 88 pct in last three years as of Monday, may have ended the uptrend - technicals show reut.rs/2M6TwMy

** Stock’s wave pattern suggests it has completed a five-wave uptrend and is in the first wave of a three-wave corrective cycle

** Stock tests support at 1,295.64 rupees, the 14.6 pct Fibonacci retracement level of the uptrend from Feb. 29, 2016 low to July 16, 2018 high

** A break below this level may lead to a fall towards the next support at 1,220.82 rupees, the 23.6 pct retracement level

** MACD is negative and below its signal line

** MACD has also shown bearish divergence in the last couple of months as prices were rising but the indicator was falling

** Stock up 29.2 pct this year as of last close, has outperformed the broader NSE Index’s 7.5 pct gains in the same period (Reporting by Gaurav Dogra)

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