Kotak Bank Elliott Wave technical analysis
Function: Larger Degree Trend Higher (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Minute Wave ((ii)) Navy.
Details: Minute Wave ((iii)) is unfolding within Minor Wave 3 Grey of Intermediate Wave (5) Orange against 1602.
Invalidation point: 1602.
Kotak Mahindra Bank daily chart technical analysis and potential Elliott Wave counts:
Kotak Mahindra Bank daily chart is indicating a progressive trend higher and Minute Wave ((iii)) Navy could be underway soon towards 2100 while prices stay above 1600 broadly. The stock is drifting sideways for now and a break above 1830 should accelerate.
The bank stock has had a larger degree correction since October 2021 high registered around the 2250 mark. The Minor Wav A-B-C unfolded as a combination through 150 lows registered in May 2024. Also note Intermediate Wave (5) is underway now.
Kotak Mahindra Bank has lagged behind the overall Nifty 50 Index, which is at its all-times high but prices should soon accelerate as Minor Wave 3 could be unfolding with Intermediate Wave (5) Orange.
Kotak Bank Elliott Wave technical analysis
Function: Larger Degree Trend Higher (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Minute Wave ((ii)) Navy
Details: Minute Wave ((iii)) is unfolding within Minor Wave 3 Grey of Intermediate Wave (5) Orange against 1602. Minute Wave ((ii)) might terminate as a triangle.
Invalidation point: 1602
Kotak Mahindra Bank four-hour chart technical analysis and potential Elliott Wave counts:
The 4H chart gives a closer look on the sub waves since 1540 low carved in May 2024. Prices carved an impulse to terminate Minor Wave 1 Grey around 1735, followed by a sharp correction to unfold Minor Wave 2.
Minor Wave 3 could be sub diving as Minute Waves ((i)) and potential ((ii)) might be in place around 1865 and 1720 levels respectively. Also note that Minor Wave ((ii)) might unfold as a triangle before terminating.
Conclusion
Kotak Mahindra Bank is progressing higher within Minute Wave ((iii)) Navy of Minor Wave 3 Grey as Intermediate Wave (5) Orange unfolds. Invalidation is around 1602 for the bullish scenario.
Kotak Mahindra Bank Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
How will US Dollar react to July PCE inflation data? – LIVE
The US Bureau of Economic Analysis will release the Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred gauge f inflation, for July. Market expectations of the Fed rate outlook could be impacted by PCE inflation data, driving the USD's action.
EUR/USD stays below 1.1200 ahead of EU inflation data
EUR/USD struggles to gather recovery momentum and trades in a narrow channel below 1.1200 on Friday after the data from the Eurozone showed that the annual HICP inflation softened to 2.2% in August. Investors await PCE inflation figures from the US.
GBP/USD advances toward 1.3200 ahead of US PCE data
GBP/USD is gaining ground in the European trading hours on Friday, approaching 1.3200 as risk sentiment remains in a sweeter spot. Traders, however, could refrain from placing further bets on the pair ahead of the all-important US PCE inflation data.
US core PCE inflation could help markets gauge how big will be Federal Reserve’s September rate cut
The United States (US) Bureau of Economic Analysis (BEA) will release the high-impact core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s (Fed) preferred inflation gauge, on Friday at 12:30 GMT.
US core PCE inflation could help markets gauge how big will be Federal Reserve’s September rate cut
The United States (US) Bureau of Economic Analysis (BEA) will release the high-impact core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s (Fed) preferred inflation gauge, on Friday at 12:30 GMT.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.