Short Canara Bank, says Sudarshan Sukhani

Short Canara Bank, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Canara Bank on Friday went and made low and also confirmed a fairly bearish pattern. They are doing it all of them. It is a short selling opportunity. It is not just a day trade, it is also something that a trader can say, I am taking this position and carrying it for sometime. It probably will work in both ends."

The share touched its 52-week high Rs 550 and 52-week low Rs 306 on 14 January, 2013 and 30 August, 2012, respectively. Currently, it is trading 23.7% below its 52-week high and 37.14% above its 52-week low. Market capitalisation stands at Rs 18,590.50 crore.

The company's trailing 12-month (TTM) EPS was at Rs 70.90 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 5.92. The latest book value of the company is Rs 465.57 per share. At current value, the price-to-book value of the company was 0.9. The dividend yield of the company was 2.62%.