In the previous session, the market witnessed volatility throughout the day. The Nifty index saw selling pressure again and opened with a deep cut in the morning. Later, we have seen some recovery. Market failed to sustain above 16400 level and closed with a net loss of 109.40 points. Prices have been forming Doji candles since the last two days and moving in lower highs and lower lows formation. The overall market looks to be volatile, hence a cautious and stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Tuesday, May 10, 2022’ before the market opens.

Kotak Mahindra Bank Ltd.

NSE :KOTAKBANK   BSE :500247  Sector : Banks

In the daily time frame, stock prices are moving in the form of a ‘Symmetrical Triangle Pattern’. Recently, stock has closed near the upper resistance line on the chart. Further breaking above previous day’s high will confirm the trend. Stock formed a bullish candle in the previous session. As seen on Parabolic SAR, Prices are comfortably closed above Parabolic support which is a sign of bullishness for the coming session. In addition, the Relative Strength Index (RSI) on the daily chart is 50.

In short, the trend for Kotak Mahindra Bank Ltd. looks to be positive for now. Positions can be created only above 1784 levels, which can take prices towards 1825 levels. This outlook is valid as long as we do not see any closing below Parabolic SAR. If the price will sustain above 1825 levels, then we will review this stock again.

Check More Analysis on KOTAKBANK at: Kotak Mahindra Bank Ltd.