indiamarketoutlook

Canara Bank: Chart set up and trading view for 14 April 2020

Long
NSE:CANBK   CANARA BANK
Canara Bank

- Canara Bank trading at lower end of the channel

- Level of 85.50 - 86 needs to protected for further upside movement continuation

- holding the same the stock may again attempt for 93 / 95.50 / 102 / 107

- Stop loss if Canara Bank closes below 83.50 on a hourly candle basis

Alternatively one may consider the following F&O strategy for Canara Bank

Consider selling Canara Bank 30 April 2020 Expiry Put Option

Strike Price : 80

Price : 5.5

Lot size : 2600

Max profit potential in strategy Rs 14300/- per lot

Time frame: Till 30 April 2020

The strategy also has in built loss protection for a fall in price up to 74.50 in Equity market til 30 April 2020.

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Take care & safe trading...!!!




Comment: canara bank gave an entry opportunity around 89 (lopen 88.9 low of 88.70) has made a high of 91.95 so far.
cmp 91

partial profit booking is recommended at current levels & trail stop loss at 89.50 for balance to ensure profitability in trade

Happy trading...!!!

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