Tech Query: What is the outlook for Thyrocare Technologies and Karnataka Bank?

Tech Query: What is the outlook for Thyrocare Technologies and Karnataka Bank?

What is the short- and long-term outlook for Thyrocare Technologies? Can the share price fall more from here? 

Nizam, Malappuram 

Chart Source: MetaStock

Chart Source: MetaStock

Thyrocare Technologies (₹816): The stock is in a corrective fall since mid-December last year. A crucial support is at ₹770. A bounce from here can give some breather. However, the share price has to go above ₹930 in order to turn the outlook bullish. Only then a rise to ₹1,200 will come into the picture from a long-term perspective. If the bounce fails to breach ₹930 and turns down, then there is a danger of a head and shoulder pattern on the chart. That will increase the chances of breaking below ₹770. Such a break can take Thyrocare Technologies share price down to ₹700-₹675. For now, it is better to stay out of this stock. Buy the stock only when the price goes above ₹930.

I have bought Karnataka Bank shares at ₹218. What is long-term Outlook?

E S V Saravanan

Chart Source: MetaStock

Chart Source: MetaStock

Karnataka Bank (₹188.35): The stock peaked at ₹286.35 in January last year and has been in a strong downtrend since then. A crucial support is at ₹180. Failure to bounce from this support will increase the danger of more fall. A break below ₹180 will see Karnataka Bank share price tumbling towards ₹160 in the next few months. On the other hand, a bounce from around ₹180 can trigger a relief rally to ₹200-₹210. A strong break above ₹210 and a subsequent rise past ₹225 will only confirm a trend reversal and turn the outlook bullish. Only then the stock can rise to ₹330 over the long-term. If you have a high-risk appetite, keep a stop-loss at ₹174 and hold the stock. But look to exit on a bounce at ₹200 with minimum loss.

Send your questions to techtrail@thehindu.co.in



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