Today's Pick

Karnataka Bank (₹154)

Yoganand D | Updated on March 14, 2018 Published on December 02, 2014

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The stock of Karnataka Bank surged 7.7 per cent with extraordinary volume, breaking a significant resistance level of ₹148 on Tuesday. This rally gives buying opportunity for traders with a short-term perspective. The stock has been on a long-term uptrend since August 2013. Its medium- as well as short-term trends are also up.

In late October, the stock decisively breached a key resistance at ₹125 with an upward gap. Since then, there has been an increase in daily volume. Moreover, the stock is hovering well above its 50- and 200-day moving averages. The indicators on the daily chart are featuring in the bullish zone backing the stock’s ongoing uptrend. Moreover, the indicators on the weekly chart are also hovering in this zone. The stock’s recent surge has potential to extend further. The short-term outlook for the stock is bullish. Targets are ₹160.5 and ₹164 levels. Buy the stock with a stop-loss placed at ₹151.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on December 02, 2014
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