CANARA BANK

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I had bought stocks of Canara Bank at Rs 255 level. The stock is trad­ing near about my buy­ing price. Should I exit the stock or con­tinue hold­ing this stock?

- Shailesh Ku­mar

HOLD WITH THE STOP LOSS OF RS 235 ON A CLOS­ING BA­SIS

Canara Bank is cur­rently trad­ing at Rs 255.65. Its 52-week high/low stand at Rs 401.7/Rs 204.75 made on Novem­ber 21, 2017 and Oc­to­ber 23, 2018, re­spec­tively. Af­ter hit­ting 52-week low, the stock has wit­nessed a sharp pull­back along with above av­er­age vol­umes. Re­cently, the stock is poised to wit­ness a break­out of the down­ward slop­ing trend­line. A close above the level of Rs 255 would open the gates for fur­ther up­move, and in this case, the stock is likely to test the level of Rs 268, which is its 200-day EMA on the daily chart. The 14-pe­riod RSI has given pos­i­tive crossover and is in a ris­ing mode. The re­cent swing low Rs 235 is likely to act as short term sup­port level. Thereby, we sug­gest hold­ing the stock with a stop loss of Rs 235 on a clos­ing ba­sis for a tar­get of Rs 268 in the short-medium term.quot­ing below 50. We sug­gest you to exit below Rs 73 level.

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