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Price and trend forecast of CANBK for Tomorrow, Weekly, Monthly

Canara Bank

Symbol: NSE:CANBK

ISIN: INE476A01014

584.05

As on 2024-04-16

288.30 (52W Low) 618.95 (52W High)

CANBK's Today's Performance

Canara Bank started the day by opening at 588.00 today 2024-04-16. Its shares reached a high of 595.50 and dipped to a low of 580.20 in intraday. When the markets closed, CANBK’s stock price settled at ₹584.05 per share. Also check out its key support and resistance levels.

CANBK Buy/Sell Targets

Tomorrow, sell CANBK when its price reaches ₹ 584.05 with a stop-loss order at ₹ 591.63. You can set the target price as ₹ 576.47 to capture potential gains. This sell position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.

In the sections below, we will discuss detailed share price target of CANBK for tomorrow's session along with weekly support and resistance. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Resistance for CANBK

Resistance Levels Value in ₹
Tomorrow Resistance 1 593
Tomorrow Resistance 2 602
Tomorrow Resistance 3 608

Important Supports for CANBK

Support Levels Value in ₹
Tomorrow Support 1 578
Tomorrow Support 2 571
Tomorrow Support 3 562
Based on where the stock opens tomorrow, if CANBK opens on a positive note, our first target will be ₹593. If Target 1 is achieved, we will aim for Target 2 which is ₹602.

But if CANBK falls below the average value of ₹586.58, you can enter a sell side position with target number 1 - ₹578 and second target - ₹571 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.

Daily Volume chart of CANBK

Looking at CANBK, we've seen a Decreasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.

In terms of its price, CANBK has been on a Downward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for CANBK is moderate bearish.

Tomorrow's Volume based share price Forecast for CANBK

CANBK's Volume is currently in a Decreasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a moderate bearish trend. Volume trend strength over the last month compared to the last week is 5%.

Reversal detection for CANBK

Predicted trend chart of CANBK tomorrow for price forecast
CANBK may trend may continue to be bearish since stock is making lower low and we can get target of ₹596 in morning tomorrow
Target 1 tomorrow592
Target 2 tomorrow596
Target 3 tomorrow602
 

Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.

Combine this trend forecast with CANBK's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.

Based on where the stock opens tomorrow, if CANBK opens on a positive note, our first target will be ₹592.97. If Target 1 is achieved, we will aim for Target 2 which is ₹601.88.

But if CANBK falls below the average value of ₹586.58, you can enter a sell side position with target number 1 - ₹577.67 and second target - ₹571.28

CANBK's Weekly Targets
1st Up Target 599.93
2nd Up Target 615.82
1st Down Target 574.18
2nd Down Target 564.32

As the week for CANBK ended on bearish sentiments, we can expect further continuation of this sentiment. CANBK's initial target will be 599.93 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 574.18 in the upcoming week.

Weekly OHLC Values
Open 598.00
High 605.95
Low 580.20
Close 584.05

Week for CANBK started with an open price of 598.00, and the close was at 584.05. CANBK reached the highest of 605.95 and dipped lowest up to 580.20 last week. This indicates a bearish sentiment for the week.

CANBK full month swing targets
Monthly Up Target 1 625.68
Monthly Up Target 2 641.57
Monthly Down Target 1 548.43
Monthly Down Target 2 512.82

Targets of ₹625.68 can be expected to be reached in the coming month. Once CANBK achieved this target, we can aim for the next upside target of ₹641.57.

CANBK if fails to hold upside, down targets of ₹548.43 and ₹512.82 can be achieved by end of this month.

For complete three weeks if CANBK is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.

Related Stocks in the Same Sector as CANBK

Symbol Name Industry
HDFCBANK HDFC Bank Limited Banks - Regional
ICICIBANK ICICI Bank Limited Banks - Regional
SBIN State Bank of India Banks - Regional
LICI Life Insurance Corporation Of India Insurance - Life
BAJFINANCE Bajaj Finance Limited Credit Services

Summary

CANBK is expected to reach the target of 592.97 in tomorrow's trading session.

After achieving the initial target in CANBK, we will aim for higher targets of 601.88 tomorrow.

However, if CANBK starts to trade below ₹586.58, then we will shift our focus to the sell side and aim for down targets of 577.67 and 571.28.