Sell Canara Bank Dec Future below Rs 437: IIFL

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Sell Canara Bank Dec Future below Rs 437: IIFL

According to IIFL, traders can sell Canara Bank December Futures below Rs 437 with stop loss of Rs 444 for target of Rs 420, in its November 30, 2011 research report.

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RELATED NEWS Buy Indian Metals; target of Rs 439: Sushil Finance Buy JMC Projects; target of Rs 175: Sushil Finance Buy Crompton Greaves; target of Rs 132: IIFL ALSO READ See previous views by IIFL See what other Experts & Brokerages are saying about Canara Bank See messages about Canara Bank Canara Bank BSE | NSE 01/06/12 Are Mutual Funds betting on Canara Bank?

According to IIFL, traders can sell Canara Bank December Futures below Rs 437 with stop loss of Rs 444 for target of Rs 420, in its November 30, 2011 research report.

"Canara Bank, an engulfing bearish line has affirmed bearish trend in the counter following a recovery from the low of Rs 412 last week. With a negative crossover in RSI, the stage is set for the prices to decline sharply. Reversal from the resistance of 100-DMA placed at Rs456 also corroborates further negativity in the counter. We expect the stock to fall towards the levels of Rs 420 in the near term. We recommend going short on Canara Bank December Futures below Rs 437 with stop loss of Rs 444 for target of Rs 420. (Duration 4 days)," says IIFL research report.  

Institutional holding more than 40% in Indian cos

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