The short-term outlook for Canara Bank is bullish. The stock has risen more than 9 percent in the past week. The stock has been in a strong uptrend since last October. The rally now marks the end of the prolonged lateral consolidation that has been in place since February of this year. There is strong support in the region of ₹ 170-160. Any moderate pullback in the share price is likely to find new buying interest in the region of Rs 170-160. The stock has room to rise to $240-250 over the next two months.

Short-term investors can buy shares at current levels and also accumulate on dips at Rs 175 and Rs 165. Keep your stop loss at INR 157. Book winnings at INR 245. Track the stop loss at $203 once the stock moves up to $221. Move the stop loss order to $228 once the stock touches $238. The bullish outlook will only be invalidated if the stock breaks decisively below $160. Such a break, although less likely, could drag the stock down to $140-130.

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