Nandish Shah
Karnataka Bank has broken down on the weekly chart by closing below Rs 104 levels. The stock price has also closed at a two-year low with volumes rising during the last couple of days.
The stock price is trading below its 5, 20 and 200-day SMA indicating a bearish trend for the short to medium term. Therefore, we recommend selling Karnataka Bank for the downside target of 90, keeping a stop loss above Rs 106.
Disclaimer: The author is a Technical & Derivatives Analyst at HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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