Bullish | Timeframe: 1Y | Type: Positional Swing
Chart Setup:
Canara Bank has broken out of a 15-month consolidation zone above the ₹112–₹114 resistance, which acted as a neckline. Price rallied sharply from the ₹85 base, and the breakout was supported by strong volumes and momentum.
The most recent candle shows a shallow retest, with an intraday dip to ₹109 followed by a strong close above the breakout zone — classic confirmation of support holding.
Measured Move Target: ₹150–₹160
Invalidation / Stop Loss: Close below ₹108
Rationale:
Momentum intact above all major moving averages
Disclaimer:
This idea is purely for educational purposes and reflects a technical setup based on chart patterns and price action. It is not a recommendation to buy or sell securities. PSU banks can be volatile and sensitive to macro/policy triggers. Traders should manage risk independently, use stop-loss, and size positions based on personal risk tolerance. Always do your own due diligence before taking any trade.
Chart Setup:
Canara Bank has broken out of a 15-month consolidation zone above the ₹112–₹114 resistance, which acted as a neckline. Price rallied sharply from the ₹85 base, and the breakout was supported by strong volumes and momentum.
The most recent candle shows a shallow retest, with an intraday dip to ₹109 followed by a strong close above the breakout zone — classic confirmation of support holding.
Measured Move Target: ₹150–₹160
Invalidation / Stop Loss: Close below ₹108
Rationale:
- Strong price-volume structure
- Retest of breakout zone successful
- PSU banking theme in favour
Momentum intact above all major moving averages
Disclaimer:
This idea is purely for educational purposes and reflects a technical setup based on chart patterns and price action. It is not a recommendation to buy or sell securities. PSU banks can be volatile and sensitive to macro/policy triggers. Traders should manage risk independently, use stop-loss, and size positions based on personal risk tolerance. Always do your own due diligence before taking any trade.
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.