Big Movers on D-St: What should investors do with Karnataka Bank, SBI and Titan Company?

The Indian market snapped its two-day losing streak and closed in the green on Friday. The S&P BSE Sensex rose more than 100 points while the Nifty50 closed above 18,100 levels.

Sectorally, buying was seen in metals, energy, oil & gas, capital goods, and the public sector while selling was seen in healthcare, IT, FMCG, and consumer durables.

Stocks that were in focus included names like Karnataka Bank which was up over 14%, SBI which rose more than 1% ahead of results, and Titan Company which closed flat also ahead of results.

Here's what Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd. recommends investors should do with these stocks when the market resumes trading today:

Karnataka Bank: Buy| Target Rs 174| Stop Loss Rs 128
The counter has come out of long consolidation as well as an inverse head and shoulder pattern breakout in the longer timeframe with strong volumes, and it has completed the target as per the pattern breakout.

The current structure of the counter looks very bullish as it has traded above all important moving averages. But investors have to book a portion of profit at Rs 140–142 levels.

For aggressive investors, they may take positions above Rs 144 with a stop loss of Rs 128 for a target Rs 174.

Titan Company: Buy| Target Rs 2800-3000
The counter is having a very bullish chart, as it is seeing higher highs and higher lows formation on the daily chart.

The overall structure of the counter looks lucrative, but it is facing multiple resistances at the higher level at Rs 2760-2790.

A close above Rs 2800 could take the stock towards Rs 3000, while on the lower side, Rs 2650 is the demand level at any correction.

Momentum indicators are positively poised to support the current strength of the trend.

SBI: Buy| Target Rs 644| Stop Loss Rs 560
The counter has given a bullish flag and an ascending triangle pattern breakout on the daily chart.

On the weekly chart, it has given a cup and handle breakout with strong volume. The structure of the counter is very classical, as it trades above all of its moving averages.

An investor can take a position at the current level of Rs 592 with a stop loss of Rs 560 for the target of Rs 644 in the near term.

MACD (moving average convergence divergence) is supporting the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)