Canara Bank Stock Forecast

Canara Bank stock downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on May 02, 2024)

CANBK.NS Signals & Forecast

The Canara Bank stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹617.82 and ₹589.49. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 17.18%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Canara Bank stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹580.45 and ₹569.25. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Canara Bank finds support just below today's level at ₹580.45. If this is broken, then the next support from accumulated volume will be at ₹569.25 and ₹552.15.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹7.95 (1.28%) between high and low. For the last week, the stock has had daily average volatility of 1.28%.

Our recommended stop-loss: ₹604.96 (-3.76%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 33 days ago.)

Trading Expectations (CANBK.NS) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Canara Bank to open at ₹627.55, and during the day (based on 14 day Average True Range), to move between ₹615.35 and ₹641.85, which gives a possible trading interval of +/-₹13.25 (+/-2.11%) up or down from last closing price. If Canara Bank takes out the full calculated possible swing range there will be an estimated 4.21% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹580.45, some ₹48.15 (7.66%) from the current price of ₹628.60, our system finds the risk reward attractive.

Is Canara Bank stock A Buy?

Canara Bank holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. 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 Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Canara Bank of Friday, May 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.