Kotak Bank may bounce from the swing. My setup will be Kotak Bank futures or Kotak Bank August 990 PE at 11.55.
If Kotak Bank consolidates; I will head for Kotak Bank August 990 CE at 23.10 and Kotak Bank August 990 PE at 11.55 for which will constitute a straddle then.
Initial Credit = 23.10+11.55 = 34.65
Upside Breakeven = 996.20 + 34.65 = 1030.85
Downside Breakeven = 996.20 - 34.65 = 961.55
Fundamentally it has contributed huge to the NIFTY and the asset quality has stregthned huge and loan book increased in this quarter.