Buy Canara Bank Ltd For Target Price Rs. 400/430 - LKP Securities
Future Outlook
• The PSU banking major has been reporting consistent growth since the last 12 quarters with improvement in Asset Quality and should be able to bring down credit cost to a shade over 1% this fiscal.
• Its huge Loan Book should in our view grow at a CAGR of 15% going forward led by RAM & Corporate Book.
Technical Commentary
• CanBank has been moving with a higher top higher bottom formation on the weekly chart.
• Besides, it has been sustaining above a critical moving average on the weekly timeframe. Additionally, the price is trading above the previous consolidation.
• On the higher end, the stock is likely to move towards 400/430. Support is placed at 300.
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