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Investors with short-term perspective can consider buying the stock of Karur Vysya Bank. It is apparent from the charts of the stock, that it has been on a medium-term uptrend since December 2011 low of Rs 322. Taking support at around Rs 366 in late March this year, the stock resumed its uptrend.
On April 11, the stock conclusively breached its moving average compression (21-, 50-, 200-day moving averages) around Rs 380, by jumping almost four per cent. It is currently hovering well above these moving averages. Further, the stock decisively broke through a key long-term resistance at Rs 400 by surging four per cent on Thursday. We notice that there is an increase in volumes over the past four trading sessions. Both daily and weekly relative strength indices are featuring in the bullish zone.
The daily as well as weekly price rate of change indicators are hovering in the positive terrain implying buying interest. Our short-term outlook on the stock is bullish. We expect its up move to prolong and touch our price target of Rs 426 or Rs 438 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock with stop-loss at Rs 403.
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