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.
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.