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The stock of Karur Vysya Bank has formed a strong base near Rs 330 and is now inching higher. It had tumbled about 50 per cent from its January high of Rs 592.3 to a low Rs 297.6 in September. The stock has recovered 17 per cent from this low. The outlook is now bullish. Immediate support is at Rs 341.5 and then strong support is available at Rs 330. A rally to Rs 362 looks likely.
Traders with a short-term perspective can take long positions with a stop-loss at Rs 339.5 for a target of Rs 362. The movement since September is reflecting a bullish-channel pattern on the daily and weekly charts. The channel support is near Rs 330.
Investors with a medium-term view and high risk appetite can hold the stock with a wider stop-loss at Rs 329. They can use intermediate declines to accumulate the stock. The medium-term target is Rs 385.
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