Kotak Bank appears to be in the process of forming a Gartley pattern. According to this harmonic pattern, the projected target price is approximately 1903
Rules for this pattern:
However, in order to qualify as a Gartley pattern, the following rules should be qualified:
Point B retracement of the original XA leg should lie between 0.618 and 0.786 level.
Point C should lie between 0.618 and 1 of the retracement of AB leg but should not cross Point A. As shown in the below example, Point C lie between the above-mentioned levels.
D is not a point but rather a zone from where the price is likely to reverse, popularly known as Potential Reversal Zone (PRZ), which is arrived after satisfying the below two parameters:
a. 0.786 retracements of the primary XA leg
b. AB projection is either 1.27 or 1.618.