Buy Canara Bank, target Rs 290: Nandish Shah

Canara Bank | Bank reported higher profit at Rs 444.1 crore in Q2FY21 against Rs 364.9 crore, net interest income jumped to Rs 6,296 crore from Rs 3,129 crore YoY.

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

Nandish Shah

Canara Bank has given a breakout on the daily chart when it managed to close above its 200-day SMA. It is one of the strongest public sector banks which has risen nearly 30 percent from the lows during the last one month.

The stock price is trading in a narrow range since the last few days and is on the verge of giving a breakout on the higher side. In the derivative segment, we have seen huge additions in Open Interest with price rise during the current November series.

Oscillators and momentum Indicators like RSI and MACD are showing strength on the daily charts. The stock price currently trading above its 5, 20 and 200-DMA indicating that the stock is in an uptrend.

Therefore, we recommend investors to buy Canara Bank at current levels for an upside target of Rs 290 and a stop loss placed below Rs 248.

Disclaimer: The author is a Technical & Derivatives Analyst at HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.