Anmolshukla

Canara Bank looking Bullish

Long
NSE:CANBK   CANARA BANK
Medium-term Swing Trade (2-7 weeks)
(Purely Price Action based trade)

Canara Bank has posted very strong quarterly and yearly results and looks bullish in the future.

It is approaching a very strong supply zone of Rs . 170-177 where it has faced rejection multiple times previously.
If this zone gets broken with a good momentum and volume the following trade can be entered into:
(Levels and analysis mentioned on the chart)

Entry Price : Rs . 176-178

Target 1: Rs . 190
Target 2: Rs . 205
Target 3: Rs . 235
___________________________________________
High Risk Traders can also enter at CMP for:

Target 1: Rs . 172
Target 2: Rs . 190
Target 3: Rs . 205
Target 4: Rs . 235
(The R2R Ratio is not very favorable in this trade)

Cheers!
Comment: Good Entry Point for traders willing to take the high risk trade:

Enter @Rs 156-157
Sl @Rs 146-147

RR = 1:1.6

Comments

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