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]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.