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Canarabankanalysis

CANARA BANK#CANBK Canara Bank is showing strong potential,especially with the PSU Banking Index nearing a breakout on the upside. A break above this trendline could signal a prime opportunity to add Canara Bank to your portfolio. Investors and positional traders may consider entering at the current levels, as the PSU banking sector has been in a correction phase for nearly a year and now appears ready for a rally. This setup makes Canara Bank an attractive choice for those seeking to benefit from the anticipated upside in the PSU banking stocks.
NSE:CANBKLong
by EmpireCrown
Hourly timeframe analysis of Canara BankA short-term trade can be initiated based solely on the hourly trendline. This approach offers a trade opportunity with a risk-reward ratio of approximately 2. (Though the potential upside seems considerable, it's wise to consider 2 as a minimum expected ratio.) For this short trade, the stop loss can be determined by looking at the support trendline drawn in the hourly timeframe or the latest low. As for the target, aiming for a price range of 350 to 360 could be a prudent strategy.
NSE:CANBKLong
by popularExpert69803
Exploring Canara Bank Stock: An Breakout of an 11-Year TrendlineIn the world of stocks, interesting trends can often reveal exciting opportunities. One such intriguing situation is happening with Canara Bank's stock. There's an 11-year-old trendline that has been obeyed by the price six times in the past. And now, it appears that a breakthrough is occurring in this stock. If we look at the monthly candle of July 3, 2023, we can observe a breakout from this resistance trendline. This breakout presents a chance for a trade with a promising risk-reward ratio of around 2.7. To explain, the recent low (trading between 270 and 278) can act as our stop loss, while the target lies within the resistance zone ranging from 499 to 514. This is our initial target. However, it's worth noting that we could even aim higher, targeting all-time highs (ranging from 723 to 732). This ambitious goal could potentially yield a remarkable risk-reward ratio of about 6.5. Yet, achieving this could take quite some time and would depend on how the stock's price action and momentum unfold during the journey to the initial target. Delving into entry conditions, we also see some promising signs on the hourly timeframe. The stock has displayed significant price action here as well. The hourly trendline, much like its longer-term counterpart, has been tested around 5 to 6 times in the past, making it a reliable marker. Once this hourly trendline is breached, it could serve as a trigger for initiating long positions. Alternatively, a short-term trade could also be initiated based solely on the hourly trendline. This approach offers a trade opportunity with a risk-reward ratio of approximately 2. (Though the potential upside seems considerable, it's wise to consider 2 as a minimum expected ratio.) For this short trade, the stop loss can be determined by looking at the support trendline drawn in the hourly timeframe. As for the target, aiming for a price range of 350 to 360 could be a prudent strategy. In conclusion, the unfolding breakout in Canara Bank's stock presents an exciting scenario. Whether pursuing a longer-term target or considering short-term gains, the trendline dynamics in both the monthly and hourly timeframes offer intriguing opportunities for investors to consider."
NSE:CANBKLong
by popularExpert69803
Canara Bank Short Selling: A Risky but Rewarding StrategyThis report aims to provide a technical analysis of Canara Bank stock and a recommendation for short selling the stock in the short term. The analysis is based on the latest charts and indicators, and is intended for investors and traders who are looking to capitalize on market movements. Background: Canara Bank is an Indian state-owned bank. The company's stock is listed on the National Stock Exchange of India (NSE) and is widely followed by investors and traders. Analysis: The Canara Bank stock has been in a strong uptrend for the past few months, but recent price action suggests that the stock may be reaching a resistance level. The stock has been trading in a range between 311 and 349.15, and a breakdown below 311 could signal a short-term trend reversal. The technical indicators are also pointing to a potential sell-off. The Relative Strength Index (RSI) has been trending lower and is currently at overbought levels, indicating that the market is overbought and may be due for a pullback. Additionally, the Moving Average Convergence Divergence (MACD) histogram has crossed below the zero line, suggesting that the trend is losing momentum. Furthermore, price action on the chart shows that the stock has reached a strong resistance level and is showing signs of a potential reversal, with bearish cand formation Recommendation: Based on the analysis above, we recommend short selling Canara Bank stock if it breaks 311 levels, with a stop loss of 349.15 and a target 1 of 272.80 and target 2 of 257.65. This strategy aims to capitalize on a short-term trend reversal and capture potential profits as the market pulls back. Disclaimer: It's essential to keep in mind that the market is highly volatile and unpredictable. Therefore, it's recommended to keep a close eye on the price action, and use stop loss and take-profit levels to minimize risk and maximize returns. It's important to conduct your own research and analysis before making any investment decisions, and always consult a financial advisor before taking any action. Conclusion: In conclusion, Canara Bank stock appears to be reaching a resistance level and may be due for a short-term pullback. Technical indicators and price action on the chart also suggest a potential trend reversal. Therefore, short selling Canara Bank stock if it breaks 311 levels with a stop loss of 349.15 and a target 1 of 272.80 and target 2 of 257.65 is a recommended strategy for traders and investors looking to capitalize on market movements in the short term.
NSE:CANBKShort
by EntryandExit
Long on Canara Bank (CMP - Rs.240)Canara Bank reported healthy earnings led by robust NII/Loan growth and controlled provisions. Margin expanded 6bp QoQ aided by improvement in CD ratio. The bank further carried 25% provisions on its SREI exposure. The management is confident of sustaining growth in advances led by a broad-based performance across all segments and has a strong focus on bringing down the GNPA and NNPA ratios from current levels. CBK reported a steady operating performance supported by healthy loan growth and improvement in asset quality while NII growth was soft as margin contracted 15bp QoQ. The Current price of CBK is less than it's intrinsic value, which makes it a good time to consider, as stock is not in overbought zone. I believe that this stock be added to one's portfolio for long term, as it has high value unlocking potential remaining in coming days. One can consider the levels marked in the chart and follow strict discipline with it.
NSE:CANBKLong
by mayurmalgear
Canara Bank Share Trend Analysis by THE DECISIVECanara Bank is one of the Public Sector Bank, having 10K plus branches all over India with more than 13K ATMs. Bank mainly work in Rural & Semi Urban parts of India & its Branch network increased by 4K & ATM by 4.5K post merger with Syndicate Bank. Canara Bank closed today at 155.70 with 1.83% gain. On Daily time frame it is showing triangle pattern & expecting a good movement post breakout. It is also trading at lower than book value so it seems good for short term/long term investment. Follow THE DECISIVE because WE HELP YOU TO DECIDE! This was just for educational purpose only & not recommending to BUY/SELL of any Script.
NSE:CANBKLong
by The_Decisive