Stock Picks - Buy Canara Bank Ltd For Target Of Rs. 176 - ICICI Direct
Technical Observations
* The stock is in steady uptrend forming higher peak and higher trough in all time frame.
* The share price has witnessed breakout above the last three weeks consolidation range (| 125- 150) as can be seen in the adjacent chart thus provides fresh entry opportunity to ride the next up move
* The stock has immediate support at | 147 levels as it is the 38.2% retracement of the last three session up move | 132 to 156)
* The daily Stochastic has generated a buy signals moving above its average thus validates positive bias
* We expect stock to continue with its current upward momentum and eventually head towards our earmarked target of | 176, as it the implication of recent range breakout (| 150-125), | at 175
Buy Canara Bank Ltd @ 155.00-161.00 TGT 176.00 SL 148.00
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