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⭐️ Ultra Equity Advice #116 | Sell | Expected Profit 10-13% | Arijit Banerjee

OUR RECOMMENDATION

  Sell    CANARA BANK  

CP#165.55
IdeaSELL
Sell Range169 – 165
Target150 – 145
StopLoss*173
Duration15 – 20 Trading Days
Potential Returns^10 – 13%
CP#IdeaSell RangeTargetStopLoss*DurationPotential Returns^
165.55SELL169 – 165150 – 14517315 – 20 Trading Days10 – 13%

# CP – closing price on Feb 24, 2020
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 158.
^ Potential returns are calculated based on the median of sell range.

COMPANY OVERVIEW - CANARA BANK

Canara Bank offers personal banking service such as savings accounts, recurring and fixed deposits, current accounts, investment plans, general and health insurance products, tax assistants, mutual funds, depository and card services. They also provide term loans, working capital finance, infrastructure finance, syndicate loans etc. In Q3FY20, Canara Bank net profit drops to 9.67% to Rs 329.62 crore on a quarterly basis.

Stock Data
NSE CodeCANBK
Sectoral IndexNifty Bank
52W High302.1
52W Low164.45
Face Value10
Relative Performance_Canara Bank vs Nifty Bank Index

CANARA BANK TECHNICAL ANALYSIS (WEEKLY)

  • Look at the weekly chart since 2009. The lows are clearly holding the price movement. Thereby making it a strong support.
  • Canara Bank share price recently make Breakout below the true crucial Yearly Resistance, at 170. This is typically viewed as a trading opportunity: go short when the price breaks lower
Canara Bank Technical Analysis Weekly Chart
Canara Bank Technical Analysis - Weekly Chart

CANARA BANK TECHNICAL ANALYSIS (DAILY)

  • The stock was moving Lower Tops and Lower Bottoms at Daily Charts since January 23, 2020.
  • Canara Bank is trading below the 10 days and 20 days Moving Average and recent closing below the Yearly Support showing confidence of my view.
  • Overserve the candlesticks since the downfall starts. Do you notice a series of black candles? Further southward journey expected in coming sessions.
Canara Bank Technical Analysis Daily Chart
Canara Bank Technical Analysis - Daily Chart

CANARA BANK SHARE PRICE LIVE UPDATE - POSITION & ACTIVITIES

Position: Short Canara Bank at ₹ 166 by GoodluckCapital on TradingView

Position: Short Canara Bank at ₹ 166 by GoodluckCapital on TradingView

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MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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