Kotak Bank- Impulse formation

23 ביולי 2023

After a 5-waves up stock has corrected to 50%-61.8% Fibonacci retracement level and bounced back forming HH HL. Considering the rise as wave-1 and the fall as wave-2 , the current bounce is suggesting that stock is unfolding it's 3rd wave which shall take the prices towards 2230-50 zone in the coming weeks.

TRADING STRATEGY:

Buy near 1970 , SL: 1830 TGT: 2230-50/ 2480