IIFL is bullish on Karnataka Bank and has recommended buy rating on the stock with a target of Rs 87 in its November 29, 2011 research report.
"Karnataka Bank has given an upside breakout after consolidating in rounding bottom formation which resembles bullish structure. Also, the stock gave a close above its short-term moving averages. Breakout is also seen in daily RSI after formation of rounding bottom, this provide supplementary evidence of sustainable upmove in the counter and stock is likely to head towards Rs88 in the medium term. We advise buying the stock above Rs 81.50 with stop loss of Rs 78.50 for an immediate target of Rs 87. (Duration 5 days)," says IIFL research report.
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