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Investors with a short-term perspective can buy the stock of Karnataka Bank at current levels. Since bottoming out from its August 2013 low of ₹70, the stock has been on an intermediate-term uptrend. The medium-term trend has been up from the February trough of ₹91. In late March, the stock emphatically breached its key hurdle at ₹115 and continued to trend northwards. Further, on Tuesday, the stock rose 3 per cent surpassing its immediate resistance at ₹125.
The stock is hovering well above its 50- and 200-day moving averages. The relative strength index on the daily chart has entered the bullish zone from the neutral region. Indicators on the weekly chart are also featuring in the positive terrain implying upward momentum. With the medium-term trend intact, we are bullish on the stock. It can extend its rally and reach the price target of ₹133 and ₹135.5 in the approaching trading sessions. Buy the stock with a stop-loss at ₹124.8 level.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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