Karnataka Bank can retest Rs 195-198: Thukral

Karnataka Bank can retest Rs 195-198, says Hemant Thukral, Aditya Birla Money.

Thukral told CNBC-TV18, "All midcap PSU banks or midcap banks have added big open interest in last week on week basis but Karnataka Bank had corrected very sharply from Rs 198 back to Rs 160 levels."

He further added, "After consolidating for at least a week between Rs 162 to Rs 174, on Friday it managed to cross and close above Rs 174 on the back of 13 percent fresh long positions on Friday itself. That is showing that the buying interest is coming back and we expect Karnataka Bank stock to retest Rs 195-198 band. The stoploss from traders have to be maintained, so from where it has broken the range, which is Rs 174 should be maintained as a stoploss going forward."