Canara Bank (NSE)
Canara Bank (NSE) Daily Chart - Technical Analysis
This chart presents a Bullish Harmonic Pattern (Possibly a Gartley or Bat Pattern), indicating a potential reversal from the D point. Below is a detailed breakdown of the chart components:
A bullish move is expected if price sustains above the entry level.
Key Trading Levels:
📌 Entry & Confirmation:
✅ Entry Above: 88 Close – A confirmed bullish move is expected once the price closes above this level.
✅ Breaking Range: 102.13 – If price breaks this resistance, strong upside momentum is expected.
📈 Target Levels (Profit Booking Zones):
🎯 Target 1: 112.89 – Short-term bullish target.
🎯 Final Target: 128.22 – Long-term target for positional traders.
🛑 Stop Loss & Risk Management:
🚨 Stop Loss: 79.03 – Immediate Support Level.
🛒 Additional Buying Zone: 79 – For averaging long positions.
🔹 Trading Strategy for Different Traders:
📊 Swing Trading (1-3 month Holding Period):
Entry: Above 88 Close
Target 1: 112.89
Stop Loss: 83
Risk-Reward Ratio: 1:5 and 1:10 (Good for risk-conscious traders).
📊 Positional Trading (6 to 8 Months Holding Period):
Entry: Above 88 Close and 102.13 Breakout Confirmation.
Final Target: 128.22
Stop Loss: Below 79.03 (Trailing SL after the first target).
Risk-Reward Ratio: 1:10+ (High reward potential).
🔹 Market Sentiment & Risk Factors:
If price fails to sustain above 88, it may retest lower supports (83.58 & 79.03).
Volume confirmation is crucial for a breakout; ensure strong buying activity before entering.
Broader market conditions (NIFTY trends, banking sector performance) should be monitored.
🔹 Conclusion & Trading Plan:
📌 If price sustains above 88 and breaks 102, expect bullish momentum towards 112.89 – 128.22.
📌 Stop loss management is key; use trailing SL for maximizing gains.
📌 Suitable for swing & positional traders looking for medium-term growth in Canara Bank.
⚠️ Disclaimer:
This analysis is for educational purposes only and not financial advice.
Trading involves risk, and past performance does not guarantee future results.
Always do your own research or consult a financial expert before making investment decisions.
Risk management is crucial – trade responsibly.
This chart presents a Bullish Harmonic Pattern (Possibly a Gartley or Bat Pattern), indicating a potential reversal from the D point. Below is a detailed breakdown of the chart components:
A bullish move is expected if price sustains above the entry level.
Key Trading Levels:
📌 Entry & Confirmation:
✅ Entry Above: 88 Close – A confirmed bullish move is expected once the price closes above this level.
✅ Breaking Range: 102.13 – If price breaks this resistance, strong upside momentum is expected.
📈 Target Levels (Profit Booking Zones):
🎯 Target 1: 112.89 – Short-term bullish target.
🎯 Final Target: 128.22 – Long-term target for positional traders.
🛑 Stop Loss & Risk Management:
🚨 Stop Loss: 79.03 – Immediate Support Level.
🛒 Additional Buying Zone: 79 – For averaging long positions.
🔹 Trading Strategy for Different Traders:
📊 Swing Trading (1-3 month Holding Period):
Entry: Above 88 Close
Target 1: 112.89
Stop Loss: 83
Risk-Reward Ratio: 1:5 and 1:10 (Good for risk-conscious traders).
📊 Positional Trading (6 to 8 Months Holding Period):
Entry: Above 88 Close and 102.13 Breakout Confirmation.
Final Target: 128.22
Stop Loss: Below 79.03 (Trailing SL after the first target).
Risk-Reward Ratio: 1:10+ (High reward potential).
🔹 Market Sentiment & Risk Factors:
If price fails to sustain above 88, it may retest lower supports (83.58 & 79.03).
Volume confirmation is crucial for a breakout; ensure strong buying activity before entering.
Broader market conditions (NIFTY trends, banking sector performance) should be monitored.
🔹 Conclusion & Trading Plan:
📌 If price sustains above 88 and breaks 102, expect bullish momentum towards 112.89 – 128.22.
📌 Stop loss management is key; use trailing SL for maximizing gains.
📌 Suitable for swing & positional traders looking for medium-term growth in Canara Bank.
⚠️ Disclaimer:
This analysis is for educational purposes only and not financial advice.
Trading involves risk, and past performance does not guarantee future results.
Always do your own research or consult a financial expert before making investment decisions.
Risk management is crucial – trade responsibly.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.