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Technical Positional Pick - Buy Karnataka Bank Ltd For Target Rs. 90 - HDFC Securities

TECHNICAL OBSERVATIONS

* Stock price has broken out from the downward sloping trendline on the daily chart with higher volumes. 

* Stock price is forming bullish higher top higher bottom formation on the daily chart.

* Short- and medium-term trend of the Stock is positive where it is trading above its 5,20 and 50-day EMA

* Oscillators like RSI and MFI is placed above 60 and rising upwards, Indicating strength in the current uptrend

* Plus, DI is trading above -DI while ADX line has started sloping upwards, indicating stock is likely to gather momentum in the coming days.

* Considering the Technical evidences discussed above, we recommend buying KTKBANK at CMP of 73 and average at 68.5 for the upside targets of 82 and 90, keeping a stop-loss at 65

Buy Karnataka Bank Ltd Up to 3 Months @ Average level 68.5 CMP 73 TGT 90 SL 65

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