Buy Karnataka Bank June 105 Put @ Rs 3
Stop loss: Rs 1.50
Target: Rs 7
Short build up is seen in the Karnataka Bank Futures’ yesterday, where we have seen sharp rise in Open Interest with price falling by 5.70 per cent.
The stock has given bearish head and shoulder pattern breakdown on the daily chart by closing below the neckline support of Rs 109 levels with higher volumes.
Oscillators and Momentum indicators like relative strength index (RSI) and moving average convergence divergence (MACD) showing weakness in the stock on the weekly charts.
It is trading below its 5, 20 and 200 day simple moving average (SMA) Indicating stock is in downtrend for all the time frames.