Karnataka Bank may hit Rs 164-165, says Thukral

Hemant Thukral, National Head of Derivative Desk at Aditya Birla Money feels Karnataka Bank may revisit the resistance zone of Rs 164-165 in immediate short-term. He advised keeping a stoploss at Rs 141 for this trade.

Thukral told CNBC-TV18, “All the private midcap banks have shown good rollovers and one of them would be Karnataka Bank. Technically also, this stock has made a very strong bottom around Rs 141-142 zone. In immediate short-term, the stock may revisit the resistance zone of Rs 164-165. Traders can go long on this stock with a stop loss. I will keep my stop loss at Rs 141 for Karnataka Bank.”
He further said, “I would even suggest that IndusInd Bank and Kotak Mahindra Bank have gone with very heavy long rollovers. If you are already long in either Kotak Mahindra Bank or IndusInd Bank, you can continue to hold long but for fresh, Karnataka Bank is a good choice.”