manavtechresearch
Long

CANARA BANK not so falling after all

NSE:CANBK   CANARA BANK
Stock was trading in a perfect downward channel before the government infused the recapitalization (news unexpected/not anticipated/not factored in)
The stock saw a robust breakout from the channel with a huge gap-up
Stock recommendation is strong because usually after break-out with huge gap up the price tend to cover the gap and in this case it did try to do that
But little we know it ended up creating a falling wedge pattern which also tends to break-out on the upside whereas rising wedge always tend to break on the downside
NOTE:-"The pattern has a validity of 55% as compared to other patterns, this one is not amongst the few reliable ones but end up giving huge reward
"Considering the PSU             banks index and the new breakout of bank nifty             to all time high i see further upside in this stock"
TRADE VIEW
BUY @ 380-390
STOP @ 371.15
TGT             @ 405/415
snapshot
Trade active: Moving nicely creating a piercing line continue to hold
!!enjoy!!
Trade active: hold
Trade active: one can book profits or hold on to 405 levels but stock is seeing strong resistance 401
!!enjoy!!
snapshot
Trade active: WELL ONCE AGAIN CANARA BANK IS ON A ROLL EXPECT TO BOOK PROFITS NOW
AND EXECUTE NEW BUY ORDER FOR BTST @398.50 TGT @ 402
ONE CAN HOLDON FOR THE FIRST TGT @ 405
it is still falling. Could you please provide latest recommendation please.
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