Synopsis
The PSU banking stock peaked at Rs 129 on June 4, 2024, but lost momentum, closing at Rs 103 on November 1, marking a 20% decline. Currently trading around the neckline of a Rounding Bottom breakout on weekly charts, it presents a potential entry point for medium-term investors. While it initially broke out from this pattern in February 2024, the upward momentum waned by June, offering renewed opportunity at this level.
Canara Bank, a part of the PSU banking space, is down by about 20% from its June 2024 highs, but the chart pattern suggests that a reversal is on the cards.Short- to medium-term traders with a high-risk profile can look to buy the stock on dips for a target of Rs 144 in the next 6-8 months, suggested experts.The PSU banking stock hit a high of Rs 129 on June 4, 2024, but failed to maintain the momentum. It closed at Rs 103 on November 1, 2024,
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