Elliot wave counts for Canara bank - Will stock again test Election highs ?

Daily Chart

•       Canara Bank has retraced 50% from the impulsive wave 3 completing wave 4 and the stock       has formed an ascending triangle at the bottom indicating the start of wave 5

•     After arresting a fall stock is set to move higher with the triangular pattern targets of 446 >         450 further resistance for the counter is at 472/496/533/575

•      Thus, it is recommendable that one can accumulate the counter on dips around 390 – 401          with stop loss below 370 on closing basis for short term targets of 446 and medium term            wave counts suggest targets of  496 and 540+

Raju V Angadi

Equity Research Analyst

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