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Kotak Mahindra Bank Ltd's shares, up 88 per cent in the last three years as of Monday, may have ended the uptrend.
According to technicals, the stock's wave pattern suggests it has completed a five-wave uptrend and is in the first wave of a three-wave corrective cycle.
The stock tests support at Rs 1,295.64, the 14.6 per cent Fibonacci retracement level of the uptrend from February 29, 2016 low to July 16, 2018 high.
A break below this level may lead to a fall towards the next support at Rs 1,220.82, the 23.6 per cent retracement level. MACD is negative and below its signal line.
MACD has also shown bearish divergence in the last couple of months as the prices were rising but the indicator was falling. Kotak Bank stock up 29.2 per cent this year as of last close, has outperformed the broader NSE Index's 7.5 per cent gains in the same period.
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