ICICIdirect.com's report on Canara Bank
RBI’s repo cut of 25 bps to 7.75% led the markets to flare up with the Nifty hitting our first monthly derivatives target of 8600. This strength in the broader markets was enthused by banking and financial stocks as further rate cut hopes lifted sentiments for this space. This sector is likely to benefit from positive announcements, which may emanate from RBI’s policy review on February 3 and/or in upcoming Union Budget in late February. We believe stocks from PSU banking are currently throwing up a favourable risk reward opportunity as they have not participated in the broader market up move till now. Some of the stocks from this space are seeing a pick-up in delivery and Canara Bank is one such stock. Recommendation Buy Canara Bank in range of Rs 459-467Target price: Rs 560Stop loss: Rs 417Time frame: Three months
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