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Sell Karnataka Bank Future; target of Rs 114.50: IIFL
According to IIFL, traders can sell Karnataka Bank Future below Rs 119.50 for an initial target of Rs 114.50. It is advisable to maintain a stop loss of Rs 122 on all the short positions, in its July 27, 2011 research report.
According to IIFL, traders can sell Karnataka Bank Future below Rs 119.50 for an initial target of Rs 114.50. It is advisable to maintain a stop loss of Rs 122 on all the short positions, in its July 27, 2011 research report.
"Karnataka Bank has given a downside breakdown after giving a close below the support of its ascending trend line. Infact, the stock had been moving in a symmetrical triangle formation since June 2011 with ascending trend line acting as a strong support on several occasions. However, the candlestick patterns formed in the recent past support the bears closing below its 50-DMA. Selling pressure could intensify in the counter below the levels of Rs 119. We recommend traders to sell Karnataka Bank August Futures below Rs 119.50 for an initial target of Rs 114.50. It is advisable to maintain a stop loss of Rs 122 on all the short positions," says IIFL research report.
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