Canara Bank Stock Forecast
Evaluation of Canara Bank stock downgraded after the last trading session.
(Updated on Apr 19, 2024)
The Canara Bank stock price fell by -0.81% on the last day (Friday, 19th Apr 2024) from ₹583.45 to ₹578.75. It has now fallen 6 days in a row. During the last trading day the stock fluctuated 3.86% from a day low at ₹562.70 to a day high of ₹584.40. The price has fallen in 8 of the last 10 days and is down by -4.72% for this period. Volume has increased on the last day by 4 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 9 million shares were bought and sold for approximately ₹5.48 billion.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 21.55% during the next 3 months and, with a 90% probability hold a price between ₹681.58 and ₹767.98 at the end of this 3-month period.
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CANBK.NS Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. On corrections up, there will be some resistance from the lines at ₹595.18 and ₹581.43. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -5.89%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Canara Bank stock
Canara Bank finds support from accumulated volume at ₹569.25 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 ₹21.70 between high and low, or 3.86%. For the last week, the stock has had daily average volatility of 2.78%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CANBK.NS) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Canara Bank to open at ₹575.28, and during the day (based on 14 day Average True Range), to move between ₹563.51 and ₹593.99, which gives a possible trading interval of +/-₹15.24 (+/-2.63%) up or down from last closing price. If Canara Bank takes out the full calculated possible swing range there will be an estimated 5.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹580.45 (0.29%) than the support at ₹569.25 (1.64%), 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?
The Canara Bank stock holds several negative signals and despite the positive trend, we believe Canara Bank will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -3.880 Sell Candidate Downgraded
Predicted Opening Price for Canara Bank of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| ₹575.28 ( 0.599%) | ₹578.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CANBK.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 596.98 | 3.15 % | |
| R2 | 588.69 | 1.72 % | ||
| R1 | 583.57 | 0.83 % | ||
| Current price: | 578.75 | |||
| Support | S1 | 566.99 | -2.03 % | |
| S2 | 561.87 | -2.92 % | ||
| S3 | 553.58 | -4.35 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 602.45 | 4.10 % | |
| R2 | 587.05 | 1.43 % | ||
| R1 | 580.45 | 0.294 % | ||
| Current price | 578.75 | |||
| Support | S1 | 569.25 | -1.64% | |
| S2 | 552.15 | -4.60% | ||
| S3 | 454.30 | -21.50% |
CANBK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 14, 2023 | Jun 14, 2023 | Jun 14, 2023 | ₹12.00 | 3.94% |
| 2 | Jun 15, 2022 | Jun 15, 2022 | Jun 15, 2022 | ₹6.50 | 3.45% |
| 3 | May 08, 2017 | Jul 12, 2017 | Aug 16, 2017 | ₹1.00 | 0.297% |
| 4 | May 25, 2015 | Jun 25, 2015 | Aug 13, 2015 | ₹10.21 | 3.64% |
| 5 | May 05, 2014 | Jul 03, 2014 | Aug 20, 2014 | ₹4.38 | 1.19% |
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