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.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.