Chart patterns look impressive and paves way for the above titled opinion
REASONS
1. KOTAKBANK has been trading inside ASCENDING CHANNEL(Bright red and green trendlines) taking support and resistance at perfect levels till now.
2. Currently it is going under the down swing move inside the ascending channel. 3. In daily time frame, it looks like a Bearish Pennant in process yet to break. 4. Target & SL levels as mentioned (dashed yellow horizontal lines)@ chart. 5. It may take support @ Green line(10year old strong support from 2014) (channel support) soon.
6. In addition to the above mentioned points, A GAP [b/w 26oct 2020 & 27 oct 2020-( blue rectangle box shown at 1450 range)] remains UNFILLED till now. 7. Gap often gets filled.....there is a chance for that to happen....let's stick with our targets and trail our SL!!!
8. Better to enter after a day or at least 2 hour Breakdown out of the Yellow trendline.(as shown below)
Let's wait & watch how it moves!!!!
Note- Just Sharing my view....not a tip nor advice!!!!
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2 hr breakdown with volume!!! beware of 1760 level (close below 1760 needed for a rapid move)
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Breakdown Day candle low too got tested....increasing the probability % of our trade!!!
@dip17011986, better not to time the market.. but looking at the pattern (pennant) and weekly candle(jan 23 with heavy volume)..quick move seems possible!!!