Exit long positions in PVR
Despite the fact that the theatres are under a lockout, the stock seems unaffected and has been maintaining an upmove. However, in today’s market weakness it has dropped sharply and is now hinting at a start of a correction. If the down move extends then we can see the it fall some more. Longs can be exited and active traders can attempt short as well.
Kotak Bank: Upside move possible
Upward traction in Bank Nifty has managed to lift other banking and financial boats in the sea. Rising along with all others is Kotak Bank, which has staged a forceful breakout past near term resistances. Sharp increase in fresh open interest also supports the advance. In the price action, we find that Kotak is still in the negative as far as year-to-date is concerned. So there is a lot of movement that still seems possible for this stock. In the data table given for percentage gains and Ichimoku (source Neotrader), note that the the Tenken line has just crossed the Kijun line signaling fresh bullishness. Their levels (Rs 1,385-95) can be kept as a stop zone for swing trades in Kotak.
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