Karur Vysya Bank has target of Rs 490: Anu Jain

Jain told CNBC-TV18, "Karur Vysya Bank has been doing so well unlike the other banking charts, which have a fair amount of volatility, the chart pattern just maybe because it is not in futures. It has been a very steady gain since the time it broke out of that Rs 418-419 levels and it has been steady around these Rs 430 levels as well. So now it is moving out of that zone again. So at Rs 438 it is showing that over probably the next one to one and a half months, this would go upto Rs 490."

She further added, "I would use the dips if there are any over the next couple of days into the market or if we see that there is further strength, one could increase into the position into the counter. So at Rs 438, the 10 day moving average is closer to Rs 430 so that gives you about 2% from here. Closer to those levels, one should pick up. I think a stop loss of Rs 425 would be advisable because that would mean that the trend is completely getting broken down."

"I would play it for about Rs 470 as a smaller target and Rs 490 for a slightly longer target, I think this stock even as a whole for a one year perspective would be pretty good from the technical and the fundamental point of view."