Canara Bank Stock Forecast
Green day on Thursday for Canara Bank
(Updated on Jul 04, 2024)
The Canara Bank stock price gained 0.214% on the last trading day (Thursday, 4th Jul 2024), rising from ₹117.00 to ₹117.25. During the last trading day the stock fluctuated 1.37% from a day low at ₹116.40 to a day high of ₹118.00. The price has fallen in 6 of the last 10 days and is down by -3.26% for this period. Volume fell on the last day by -600 thousand shares and in total, 1 million shares were bought and sold for approximately ₹142.48 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at ₹154.07 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. 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
A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 6.83%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 ₹117.83 and ₹118.24. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell 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 ₹116.25 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹1.60 between high and low, or 1.37%. For the last week the stock has had daily average volatility of 2.15%.
Our recommended stop-loss: ₹110.70 (-5.59%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (CANBK.BO) For The Upcoming Trading Day Of Friday 5th
For the upcoming trading day on Friday, 5th we expect Canara Bank to open at ₹117.22, and during the day (based on 14 day Average True Range), to move between ₹110.06 and ₹124.44, which gives a possible trading interval of +/-₹7.19 (+/-6.13%) up or down from last closing price. If Canara Bank takes out the full calculated possible swing range there will be an estimated 12.26% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹118.00 (0.64%) than the support at ₹116.25 (0.85%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Canara Bank stock A Buy?
Canara Bank holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.091 Hold/Accumulate Unchanged
Predicted Opening Price for Canara Bank of Friday, July 5, 2024
Fair opening price July 5, 2024 | Current price |
---|---|
₹117.22 ( 0.0284%) | ₹117.25 |
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 | 118.82 | 1.34% |
R2 | 118.21 | 0.81% |
R1 | 117.83 | 0.493% |
Price | 117.25 | |
S1 | 116.61 | -0.550% |
S2 | 116.23 | -0.87% |
S3 | 115.62 | -1.39% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 128.05 | 9.21% |
R2 | 118.05 | 0.682% |
R1 | 118.00 | 0.640% |
Price | 117.25 | |
S1 | 116.25 | -0.85% |
S2 | 113.70 | -3.03% |
S3 | 109.75 | -6.40% |
CANBK Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 14, 2024 | Jun 14, 2024 | Jul 28, 2024 | ₹16.10 | 13.73% |
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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