Canara Bank Stock Forecast
Canara Bank stock price down 1.77% on Friday
(Updated on Jun 21, 2024)
The Canara Bank stock price fell by -1.77% on the last day (Friday, 21st Jun 2024) from ₹121.20 to ₹119.05. During the last trading day the stock fluctuated 2.53% from a day low at ₹118.60 to a day high of ₹121.60. The price has risen in 5 of the last 10 days and is up by 0.85% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -82 thousand shares and in total, 2 million shares were bought and sold for approximately ₹244.90 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Due to the high volatility and the trend direction we are not able to give forecast range for this stock. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CANBK.BO Signals & Forecast
There are mixed signals in the stock today. The Canara Bank stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹121.28 and ₹236.20. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 8.47%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Canara Bank stock
Canara Bank finds support from accumulated volume at ₹118.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹3.00 between high and low, or 2.53%. For the last week, the stock has had daily average volatility of 1.55%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CANBK.BO) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Canara Bank to open at ₹119.75, and during the day (based on 14 day Average True Range), to move between ₹107.69 and ₹130.41, which gives a possible trading interval of +/-₹11.36 (+/-9.54%) up or down from last closing price. If Canara Bank takes out the full calculated possible swing range there will be an estimated 19.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹118.05 (0.84%) than the resistance at ₹121.00 (1.64%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Canara Bank stock A Buy?
Canara Bank holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -3.566 Sell Candidate Unchanged
Predicted Opening Price for Canara Bank of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ₹119.75 ( 0.588%) | ₹119.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CANBK.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 122.75 | 3.11% |
| R2 | 121.60 | 2.15% |
| R1 | 120.90 | 1.55% |
| Price | 119.05 | |
| S1 | 118.60 | -0.375% |
| S2 | 117.90 | -0.97% |
| S3 | 116.75 | -1.93% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 128.05 | 7.56% |
| R2 | 122.00 | 2.48% |
| R1 | 121.00 | 1.64% |
| Price | 119.05 | |
| S1 | 118.05 | -0.84% |
| S2 | 113.70 | -4.49% |
| S3 | 109.75 | -7.81% |
CANBK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 14, 2024 | Jun 14, 2024 | Jul 28, 2024 | ₹16.10 | 13.52% |
| 2 | Jun 14, 2023 | Jun 14, 2023 | Jul 28, 2023 | ₹12.00 | 17.51% |
| 3 | Jun 25, 2015 | Jun 25, 2015 | Jun 25, 2015 | ₹10.50 | 18.88% |
| 4 | Jul 03, 2014 | Jul 03, 2014 | Jul 03, 2014 | ₹4.50 | 5.31% |
| 5 | Jan 24, 2014 | Jan 24, 2014 | Jan 24, 2014 | ₹6.50 | 13.86% |
FAQ
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