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    Sell Karnataka Bank, target Rs 90: Nandish Shah

    We recommend selling Karnataka Bank for the downside target of 90, keeping a stop loss above Rs 106, says Nandish Shah of HDFC Securities.

    Moneycontrol Contributor
    September 25, 2018 / 12:06 PM IST
    The four stocks they exited are Macpower CNC Machines, NDR Auto Components, Novartis India and RSWM, according to Dolat Capital.

    The four stocks they exited are Macpower CNC Machines, NDR Auto Components, Novartis India and RSWM, according to Dolat Capital.

     
     
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    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.

    Moneycontrol Contributor
    Moneycontrol Contributor
    Tags: #Stocks Views
    first published: Sep 25, 2018 12:06 pm

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