IIFL is bullish on Karnataka Bank and has recommended buy rating on the stock with a target of Rs 186, in its August 16, 2010 research report.
"Karnataka Bank has signaled short-term breakout from 'falling wedge' pattern as prices successfully managed to close above resistance zone of Rs171 with rise in volumes. Such a breakout was also accompanied with positive crossover in RSI and MACD buy signal. Earlier stock was in consolidation phase after it hit a peak of Rs188 on 24th June 2010. We expect positive trend in the counter to continue with immediate target placed at Rs188. On weekly candlestick, the stock has formed 'bullish engulfing' pattern which is also likely to extend positive momentum in the coming week. We advise buying stock in the range of Rs 173-176 with stop loss of Rs 170 for target of Rs 186," says IIFL research report.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
