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| Karnataka Bank |
Kulkarni told CNBC-TV18, "I would say that considering the fact that banks have shown strength earlier, I would tend to believe in the strength. If at all the market is to fall, I would actually sell into these weak counters, which are showing strong lower top-lower bottom cycles. So I would not sell into the banking pack."
He further added, "Inspite of the Nifty falling, I don’t think that the banking pack will fall. Infact, we feel that the banking pack will outperform. So I would avoid selling into the banking counters, especially if the Nifty goes below 5800 levels. I think that you can look at building positions on the long side, in case of banking stocks rather than building short positions in case of banking."
"Amongst, the midcap banks Karnataka Bank looks excellent on the charts. I would say that the stock has been developing good volumes on the green candles, whichever it has shown in the last couple of trading sessions. So Karnataka Bank is one of the picks that we will recommend. From a weekly perspective, I think that the stock looks very good and poised to give good gains in the next few trading sessions. I would not be surprised that the stock tests Rs 130-135 in the next probably around 3-4 weeks."
Disclosure: It is possible that we have positions in the above stock and we have recommended them to our clients.
Sources: http://www.moneycontrol.com
