KTKBANK is consolidating between 130<>138 for more than a week, we'll look for trades on either sides
Entry : Long Abv 138 <=> Short Blw 130 Range
Stoploss : 5% (Closing Basis)
Basic Target: 10%
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1) Resistance at triple top
2) Bank is unabale to show credit growth in last 5-6 quaters
3) Though it trades at less than book value , trend has been negative
4) BN bearish likely to pull it back to 107 levels
5) Moving in a channel
Karnataka Bank historical weekly chart shows that the major trend is still up. It could either go sideways from here or fall further towards the pitchfork bottom before bouncing. So every dip up to 80-90 zone for next couple of years is a buying opportunity.
Maintain strict SL 74
It has been observed that the price action is strongly trending up for past two years. Now, after a big rally up, it is consolidating in a triangle pattern and a breakout above it shall further bring upside rally.
Market Cap: 4328 Cr
Face Value: 10
Book Value: 175
ROCE (5Yrs): 107%
Weekly and daily MACD crossover, Low stoch in weekly chart are helps to move up further levels.(Trend lines are drawn from weekly chart)
147(Long) on closing basis
153(short term) on closing basis
Ktk bank retraced to 133 from 160.
Now in resuming uptrend it has reached to 50% Fib Level.
If the stock continues recent trend and sustains above 157, one can go long with SL below latest swing low 148
keeping 180 as target.