Canara BankA confluence of the 2017 high and PF line at 463.70 makes this price very important.
On rejection of this, we can see a deep correction in the prices at least till 448 and 424 (long term)
On breakout of this resistance, I am buying the stock for a target of 484.40 as the immediate target and 520 in the longer term.
CANBK trade ideas
CANARA BANK BULLISH VIEW FOR LONG TERM INVESTMENTHello Friends,
I am posting this idea to help investors to invest in Canara Bank. Multiple lines are drawn which will assist in taking future decisions on timing the investment via SIP.
Time Horizon is 4 years.
Dynamic shifting of SL or trailing SL according to progress also to be considered to protect loss.
CANARA BANK - Ready for a high jump#CANBK
CMP : ₹.403/-
Date 30-11-23
The third largest PSU bank among public sector banks with good quarterly results. Revenue & profits are increasing on QoQ basis with decent margin. Now it's in a breakout point . A6 year long round bottom have been completed and waiting for an explosion along with the breakout from triangular channel of 2 years old. Good point for accumulation now. Ready for high jump. Potential days are ahead. Expecting 50% movement within 3-6 months time. Stoploss @ ₹.375/-
Disclaimer : Post only for educational purpose. Not a buying / selling recommendation. This is only my personal view. I am not a SEBI registered analyst . Do your own analysis and act accordingly .
CANBK has a potential of 20% upside in near termCANBK is the only PSU bank stock which is trading at less than 5 PE despite posting 3rd highest profits in last 12M.
I see a lot of potential in PSU bank stocks in long term. Will be investing across PSU banks. Finance sector acts as a beta when nifty makes new highs. So betting on Finance stocks especially PSU banks.
Based on SMC concept, Breakout has happened and likely to touch next level resistance which is 20% upside. CWH also can be drawn with same target. Handle is under formation. Range bound trading strategy also supports this target.
canara bank cash after breakout profit booking and stock doing good consolidation near its important support level 320 .yesterday stock showed first sighs of strong closing and buying interest after the fall .if 320 holds on closing bases stock can move towards 350 -385 in September and then towards 450 level in next 2-3 month .view fails on day close below 320 .
Canara Bank Rally ContinuesNSE:CANBK has given a solid breakout and a stop loss at 365 can be followed. PSU banks are looking strong and hence, you should hold this one with discipline. PSU banks are leading the current rally. Canara Bank also gave a strong monthly chart breakout a few months back and now is back in strong momentum.
