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Published on 13/08/2020 12:41:12 PM | Source: HDFC Securities Ltd

Positional Technical Pick - Buy Karur Vysya Bank Ltd For Target Rs. 45 - HDFC Securities

Posted in Broking Firm Views - Short Term Report| #Banking Sector #Karur Vysya Bank #HDFC Securities #Trading Report

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Positional Technical Pick - Buy Karur Vysya Bank Ltd For Target Rs. 45 - HDFC Securities

Observation:

Stock is on the verge of giving bullish “inverse head and shoulder” breakout on daily chart

Volumes remained high during prices rise and lower during consolidation or correction in last 3 months Stock has been finding support on its 50 days

EMA Daily ADX indicator has reached near 25, indicating start of bullish momentum in the stock MACD indicator has also been showing strength on daily and weekly charts

Stock has been forming higher tops and higher bottoms on weekly chart since March 2020 Bottom.

Considering the Technical evidences discussed above, We recommend buying the stock at 34.90-35.75 and average at 32.50, for the upside targets of 39.25 and 45, keeping a stoploss at 31.

 

Buy Karur Vysya Bank Ltd Upto 3 Months  CMP 34.95 TGT 45 SL 31

 

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