Hello All !!
Today We will be Discussing about a Bank, a Potential Breakout and a Big Mover in Coming days ...
The Bank is : THE KARNATAKA BANK LTD.
Let's Have a Look at the Chart ..
This is a Monthly Time Frame Chart and We can See a Very Long Term Ranged Move Almost for 16 Years, and The Stock Breaks Out of the Box, Then it Breaks out Above the Previous All Time High Made in 2007, The Stock is Consolidating in the Small Range again after the Breakout and Retested The Breakout area.
Now Let's See the Current Few Weeks ..
This is a Daily Time Frame Chart and We Can See a Bullish Formation Called Cup and Handle Formation Here, The Neckline Was 247-248 area while the Base is 215, The Breakout of almost 33 points From the Neckline, For this Target Comes at 280 levels. But There were 2 Resistances on the way placed at 254-258, Which are crossed as I am Writing the Blog.
SO Without Wasting Much time, I will Write the Conclusion here :
Karnataka Bank Ltd. is a Buy around 255-258 area, The Stoploss for Longs can be Placed around 235 or below for a First Target of 280 and Then 320 in Short Term.
for a Longer Term View Remains on Long Side But, We will Plan to Buy around 180-200 area, For Long Term The Stoploss will be Close Below 160 and Target will be 320 - 380.
Disclaimer :
The Recommendation is Based on Technical Analysis of Charts and The Analyst and his Clients Do Not Have any Trading Positions in this Stock, you are Advised to Follow the Levels and Invest Not more than 5% of your Capital in the Stock, Follow Strict Risk Management and Then Trade, The Analyst, his Team will not be Responsible for any Risk associated with the Stock and Your Investment.
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