Canara Bank witnessed a significant long build up in the November derivative series. PSU banks have been outperforming fat last couple of weeks. The stock price has started forming higher tops and higher bottoms on the daily chart. “Flag” pattern breakout is also observed on the charts.
Considering the technical evidences discussed above, we recommend buying the stock at CMP for the target of Rs 287, keeping stop loss at Rs 248 on closing basis.
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