Karnataka Bank has broken above down trending slope around 125 and the stock is trading above key 13 and 21 - EMA's in indicating the strength in near term trend. The key resistance for the stock is around 131, which is also an 100 - WMA and a neckline for inverse H & S pattern on daily charts.
One can accumulate the counter around 124 - 127 (CMP) with stop loss below 118 on closing basis for targets of 145 - 150.
Bank NIFTY near all time highs and PSU Banks have under performed with a huge gap. Can catch up in the late trend and swift movements can be seen in these counters along with a favorable risk/reward setup of 1: 3 worthy bet to be in.
Daily Chart
One can accumulate the counter around 124 - 127 (CMP) with stop loss below 118 on closing basis for targets of 145 - 150.
Bank NIFTY near all time highs and PSU Banks have under performed with a huge gap. Can catch up in the late trend and swift movements can be seen in these counters along with a favorable risk/reward setup of 1: 3 worthy bet to be in.
Raju V Angadi
Equity Research Analyst
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