CANBK - Technical Analysis with Chart Patterns & Indicators

Last Updated Time : 19 Sept 25, 2:16 pm

Technical Rating: 4.3

Here’s a detailed technical analysis of CANBK (Canara Bank)

📊 Trend Overview

Status: Trending upward with strong momentum

Structure: Price is above both 50-DMA and 200-DMA, indicating a sustained bullish trend.

52-week Index: 90.4% — near yearly highs, showing strong relative strength.

📈 Moving Averages

DMA 50: ₹110

DMA 200: ₹105

Current Price: ₹115

✅ Price is well above both moving averages, reinforcing bullish momentum. These levels now act as strong support.

📉 Momentum Indicators

RSI (14-day): 64.4 — Bullish zone, nearing overbought territory. Indicates strong momentum but may signal short-term pause.

MACD: +1.37 — Bullish crossover, confirming upward momentum.

Volume: 2.93 crore vs 1-week avg of 2.10 crore — Strong volume surge, validating price strength and institutional interest.

📊 Bollinger Bands

Price is near the upper band, suggesting bullish momentum but also heightened volatility. A minor pullback may occur before further upside.

🔍 Support & Resistance Zones

Level Price (₹) Commentary

Support 1 110 50-DMA, immediate support

Support 2 105 200-DMA, stronger support

Resistance 1 119 52-week high, immediate resistance

Resistance 2 125 Psychological resistance

Resistance 3 135–140 Medium-term target if momentum sustains

🎯 Entry & Exit Zones

Optimal Entry: ₹110–₹113 range on pullback with volume confirmation.

Exit Zone: ₹120–₹125 for short-term traders; ₹135+ for medium-term breakout players.

⚠️ Short-Term Signals

RSI is strong, MACD is bullish, and volume is surging — suggesting continued momentum.

Watch for consolidation near ₹119 before next leg up.

Strong fundamentals (low P/E, high ROE, solid profit growth) support the technical setup.

🧭 Summary

Trend: Bullish and trending

Momentum: Strong; MACD and volume confirm upside, RSI signals caution

Technical Rating: 4.3 — High-conviction setup with short-term resistance at ₹119

Would you like to compare CANBK with other PSU banks like Bank of Baroda or PNB to assess sector-wide strength?

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