Buy Canara Bank; target of Rs 442: IIFL

IIFL is bullish on Canara Bank and has recommended buy rating on the stock with a target of Rs 442 in its July 6, 2012 research report.

“The daily chart of Canara Bank managed to close above the bearish resistance line which coincides with its 200-DMA in yesterday’s session. In last few trading sessions, the stock has recovered smartly from the levels of Rs403 and has registered a close above its 200-DMA on Thursday. We believe the stock has formed an intermediate bottom around the above support levels. Rebound from here is in progress and further upside cannot be ruled out. Moreover, it has exceeded its delivery of last 3 trading sessions. We recommend buying Canara Bank above Rs432 with stop loss of Rs426 for target Rs442,” says IIFL research report.   

Public holding more than 90% in Indian cos

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