July 21, 2017
KARNATAKA BANK (NSE Cash)
SELL
` 161
` 154.75 - 156
` 143
5 - 10 sessions
Daily Chart
Source: Falcon (Time: 13:15 IST)
Justification:
After a strong up move from the levels of 100 to 180, prices witnessed resistance around previous swing high (181) seen on the
monthly chart and have consolidated in a range for last few weeks. At the current juncture, prices are breaking down from the
consolidation forming a bearish reversal pattern known as 'HEAD N SHOULDER'. The said pattern also marks lower top lower
bottom price cycle which is a bearish formation. In addition, 'RSI - SMOOTHENED' is already trading in a lower top lower bottom
price cycle supporting the sell call. Hence, traders are advised to sell this stock at current levels and on bounce at `156.50 for a
target of `143 over the next 5 - 10 sessions. The stop loss should be fixed at `161.
Rajesh Bhosale
022-3935 7600 Extn: 6844
[email protected]
1
July 21, 2017
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*Indusind Bank dividend adjusted price.
Source: Angel Research
Research Team Tel: 022 - 4000 3600
Website: www.angelbroking.com
Email: [email protected]
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