Karur Vysya Bank Limited

Buy - KARURVYSYA

CMP (NSE) 15:58, 17 Jun

51.35 -0.85-1.63%

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Sector

Banking

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Reco. Price

62

Period

6-Months

Target Price

72

upside

19%

Stop Loss

53

Last updated on

12 Dec, 2019

Rounding bottom pattern
 
Karur Vysya Bank has restarted treading is a bullish higher top higher bottom chart structure on the daily chart and is trading around has restarted trading above its 89-day EMA level after a gap of five months. Tracking the shorter time frame, the stock has formed a bullish Rounding bottom chart pattern on the daily chart and is expected to retest its 200-day EMA placed around Rs67 level. Tracking the weekly charts, the stock is showing strong momentum by entering into positive territory on MACD Histogram.
 
If the current impulse up-move unfolds the way it should, then we expect Karur Vysya Bank to surge higher towards its potential target of Rs72 in 6-months. The upward movement would stand void if the stock ends below the support of Rs53 on a weekly closing basis.

Index vs Stock Relative Chart

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