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Published on 11/07/2019 4:20:09 PM | Source: Choice Broking Pvt Ltd

Buy Canara Bank For Target Rs. 301.50 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Canara Bank Ltd #NBFC #Trading Report #Choice Broking

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* On a daily chart, the stock has taken a support of its Upper Band of Symmetrical Triangle formation after giving a breakout of the same which indicates a bounce back movement in the counter.

* Moreover, the stock has taken the support of its 200 Days Exponential Moving Average which suggests a bounce back movement in the counter.

* On an hourly chart, the stock has been trading above its 21 Hourly Moving Average which shows a positive rhythm in the counter.

* A daily momentum indicator RSI reading is at 54.20 level with an Upward Rising Trend line which points out for a positive breath in the counter.

* Based on the above technical structure, we are expecting a good upside movement in the counter in a few trading sessions.

Recommendation

Buy Canara Bank July Fut@ 279.00-281.50 Stoploss 271.50 Target Price 301.50

 

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