Comments
The short-term outlook for the Canara Bank stock is bullish. The stock surged over 9 per cent in the past week. The stock has been in a strong uptrend since October last. The rally now marks the end of the prolonged sideways consolidation that has been in place since February this year. Strong support is in the ₹170-160 region. Any intermediate pull-back in the stock price is likely to find fresh buying interest in the ₹170-160 region. The stock has room for a rise to ₹240-250 over the next couple of months.
Short-term investors can buy the stock at current levels and also accumulate on dips at ₹175 and ₹165. Keep the stop-loss at ₹157. Book profits at ₹245. Trail the stop-loss at ₹203 as soon as the stock moves up to ₹221. Move the stop-loss further up to ₹228 as soon as the stock touches ₹238. The bullish outlook will get negated only if the stock breaks below ₹160 decisively. Such a break, though less likely, can drag the stock down to ₹140-130.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.