Stock Radar: Canara Bank slips 20% from highs; what investors should do

Short- to medium-term traders with a high-risk profile can look to buy the stock on dips for a target of Rs 144 in the next 6-8 months, suggested experts.

Synopsis

The PSU banking stock peaked at Rs 129 on June 4, 2024, but lost momentum, closing at Rs 103 on November 1, marking a 20% decline. Currently trading around the neckline of a Rounding Bottom breakout on weekly charts, it presents a potential entry point for medium-term investors. While it initially broke out from this pattern in February 2024, the upward momentum waned by June, offering renewed opportunity at this level.

Canara Bank, a part of the PSU banking space, is down by about 20% from its June 2024 highs, but the chart pattern suggests that a reversal is on the cards.Short- to medium-term traders with a high-risk profile can look to buy the stock on dips for a target of Rs 144 in the next 6-8 months, suggested experts.The PSU banking stock hit a high of Rs 129 on June 4, 2024, but failed to maintain the momentum. It closed at Rs 103 on November 1, 2024,

BY

ETMarkets.com

Nov 05, 2024, 10:00:00 AM IST

Gift A Story

Share member-only stories with your friends or family and help them read it for free.

Gifting Limit Reached!

Hey , no more stories left for you to gift.

No worries! You will get a limit of 15 stories next month to share with your friends and family.

Gift This Story

Stories Left!

You can gift upto 15 stories in a month.

• FONT SIZE

  AbcSmall

  AbcMedium

  AbcLarge

• SAVE
• PRINT
• COMMENT

Continue reading with one of these options:

Limited Access

Free

Login to get access to some exclusive stories
& personalised newsletters

Login Now

Unlimited Access

Starting @ Rs120/month

Get access to exclusive stories, expert opinions &
in-depth stock reports

Subscribe Now

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.

Sign In to Read for Free

Prime Account Detected!

It seems like you’re already an ETPrime member with

Login using your ET Prime credentials to enjoy all member benefits

Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

Sign in & Access ET Prime

To read full story, subscribe to ET Prime

Get Unlimited Access to The Economic Times

₹34 per week

Billed annually at
₹2499 ₹1749

Continue

Already a Member? Sign In now

Already a Member? Sign In now

Unlock this story and enjoy all members-only benefits.

Subscribe Now

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

90 Days Prime access worth Rs999 unlocked for you

Claim Now

Already a Member? Sign In now

Why ?

• 

  Exclusive Economic Times Stories, Editorials & Expert opinion across 20+ sectors

• 

  Stock analysis. Market Research. Industry Trends on 4000+ Stocks

• 

  Clean experience with
  Minimal Ads

• 

  Comment & Engage with ET Prime community

• 

  Exclusive invites to Virtual Events with Industry Leaders

• 

  A trusted team of Journalists & Analysts who can best filter signal from noise
  

• 

  ​Get 1 Year Complimentary Subscription of TOI+ worth Rs.799/-​