Canara Bank may test Rs 307, says Kunal Bothra

Kunal Bothra, Head of Advisory at LKP told CNBC-TV18, "Canara Bank is a near term call. In these volatile times, the most difficult situation for a trader is to try and gauge the timeframe of these stocks because generally when you have uncertain volatility, it becomes difficult to try and trade from a short-term perspective which is why I have broaden my horizon for a couple of weeks at least.""Canara Bank is one of the similar stocks from the public sector undertaking (PSU) bank space. It is trading below 50-day moving average. Most of these PSU names are trying to close or trying to come back and hit 50-day moving average. If that happens then the stock can make a fresh swing high which is close to Rs 304-305. I have kept a target of Rs 307 and a stop loss of Rs 258," he said.Disclosure: Analyst has no personal holdings in the stock and it is possible that he may have recommended the same stock to his clients at LKP as well.