CANARA BANK
FINANCIAL DATA
SECTOR: -- PSU-- BANK.
F.Y-2022-23 MAR-2023 Qtr JUNE-2023 Qtr
Revenue:-
84424.78Cr 23909.80cr 25004.07cr
Net Profit:-
10603.76cr 3174.74cr 3534.84cr
E.P.S:- 58.45 17.50 19.49
N.P.M:- 12.56 13.28 14.14
Equity: - 1814.13 cr,Face Value:-10,Book Value:-388.97, Price/Book:-.90,Dividend Yield:-3.44,Share Holding Pattern:- Promoters—62.93% & Public---37.07%, Market Cap:-65308cr.TTM (E.P.S):-70.63(+87.60), TTM (PE):-4.94, Sector (PE):--11.18Data
Source: - www.bseindia.com & www.moneycontol.com.
All-Time High:--844.20 made on 9.11.2010.
All-Time Low: -- 45.10 made on 7.1.2003.
2020 crash low:-73.65 made on 24.3.2020.
Recent Bottom:-319.25 made on 31.8.2023.
Open--362-High—362.95-Low-347.20—Close-348.80 on 12.9.2023.
Support:336.70/335.85/333.30/319.25/291.65/272.35/268.80.
Resistance:384.90/401.70/416/452.10/463.70/478.60/498/519.10/533/545/566/667.50/671.70/759.90/793.70/844.20.
(Bold and underlined figures are most important)
It is on a strong technical footing on the daily, weekly and monthly chart as of now, therefore likely to move up from here in coming days/weeks & months. Please note that moving up from here its upside target or stiff resistance points could be at 372---386---463.70---550---570---613---662---690, if it moves above 386 and sustain on the closing basis then it may gain good strength and sustained close above 463.70 may pick up steady up momentum and finally if it moves above 690 and sustain on the closing basis then it could retest it’s all time high of 844.20 or may go beyond it also. The long term trend is up now.
Moving down its critical support points could be at 336.70---335.85---333.30 & 319.25 and it is very near to it now. Please note that if it has the strength it should not go below the range of 336.70---335.85---333.30 in fact it should not close below 336.70 even, but if it breaks this range then the next critical support point will be at 319.25 and break below it can drag it down to 291.25 & 268.80 or may be too much lower levels.
In view of the above observation, for risk-averse investor it is suggested to accumulate the stock now and on decline but not below 336.70 with a stop loss of 330, but risk taking investor can accumulate the stock up to 319.25 with a stop loss of 308. It is important to mention here that possibility of continuation of the up move can only be on if it sustains above 336.70 on the closing basis, which please note. It is expected to fetch a return of 50% --60% or more in a time frame of 8—12 months.
NOTE: - It is a technical assessment of the stock as of now, the
technical interpretation changes with the price movement and time, therefore it
has to be reviewed at regular intervals, furthermore investors are advised to look into
fundamental, financial details of the company because that too keeps on
changing and last but not the least management perception for the future of the
company before taking investment decision.
Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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