Canara Bank charts suggests Bullish in near term

Canara Bank Daily Chart

·     Canara Bank after a long down trend (454 - 190) from May ‘ 13 has broken out of the downward trendline and building a base for the move on the upside.

·         Technically has crossed 50 DMA of 223 is indicating the positive trend for short term in the counter

·         The stock might test upto 250 from current levels  above 278 odd levels (100 EMA)

·         It is advisable to accumulate the stock from current levels and on dips up to 225

View           :    Bullish for short term

CMP            :   Rs. 232

Target         :   250 above 275/290

Stop Loss    :   216 on closing basis

Trade objectively and wisely with the consideration of own risk with amid volatility. The strategy would be to wait patiently for the right opportunity to unfold to probable profitable trade setups.

Raju V Angadi

Equity Research Analyst

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Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in markets