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Shares of Kotak Mahindra Bank Ltd fell 1.1 per cent to Rs 1,209.85, their lowest since April 30. The stock broke below a support at Rs 1,220.80, the 23.6 per cent Fibonacci retracement level of the uptrend from February 29, 2016 low to July 16, 2018.
This suggests that the stock may fall up to the next support at Rs 1,099.45, the 38.2 per cent retracement level, though some support is expected at the 200-day moving average. The stock's wave pattern suggests it is in the final wave of a three-wave corrective pattern.
RSI line faces resistance near the 50 level, a bearish sign for the stock; MACD is also negative and below its signal line. Kotak Mahindra Bank stock had fallen 4.83 per cent in the last one month as of Monday's close, while the broader NSE Index marginally gained 0.08 per cent in the same period.
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