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

Canara Bank

Symbol: NSE:CANBK

ISIN: INE476A01014

112.46

As on 2024-07-24

96.20 (52W Low) 632.90 (52W High)

CANBK's Today's Performance

Canara Bank started the day by opening at 112.99 today 2024-07-24. Its shares reached a high of 113.90 and dipped to a low of 111.54 in intraday. When the markets closed, CANBK’s stock price settled at ₹112.46 per share. Also check out its key support and resistance levels.

CANBK Buy/Sell Targets

Tomorrow, sell CANBK when its price reaches ₹ 112.46 with a stop-loss order at ₹ 114.66. You can set the target price as ₹ 110.26 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 levels. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Down levels for CANBK

Downside Targets Value in ₹
Tomorrow Down Target 1 114
Tomorrow Down Target 2 115
Tomorrow Down Target 3 116

Important Levels for CANBK

Holding Levels Value in ₹
Tomorrow Up Target 1 111
Tomorrow Up Target 2 110
Tomorrow Up Target 3 109
Based on where the stock opens tomorrow, if CANBK opens on a positive note, our first target will be ₹114. If Target 1 is achieved, we will aim for Target 2 which is ₹115.

But if CANBK falls below the average value of ₹112.63, you can enter a sell side position with target number 1 - ₹111 and second target - ₹110 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 Increasing 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 strong bearish.

Tomorrow's Volume based share price Forecast for CANBK

CANBK's Volume is currently in a Increasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a strong 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 ₹112 in morning tomorrow
Target 1 tomorrow114
Target 2 tomorrow114
Target 3 tomorrow115
 

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 ₹113.73. If Target 1 is achieved, we will aim for Target 2 which is ₹114.99.

But if CANBK falls below the average value of ₹112.63, you can enter a sell side position with target number 1 - ₹111.37 and second target - ₹110.27

CANBK's Weekly Targets
1st Up Target 115.63
2nd Up Target 118.81
1st Down Target 109.14
2nd Down Target 105.83

As the week for CANBK ended on bearish sentiments, we can expect further continuation of this sentiment. CANBK's initial target will be 115.63 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 109.14 in the upcoming week.

Weekly OHLC Values
Open 112.80
High 115.49
Low 109.00
Close 112.46

Week for CANBK started with an open price of 112.80, and the close was at 112.46. CANBK reached the highest of 115.49 and dipped lowest up to 109.00 last week. This indicates a bearish sentiment for the week.

CANBK full month swing targets
Monthly Up Target 1 122.12
Monthly Up Target 2 125.30
Monthly Down Target 1 102.65
Monthly Down Target 2 92.85

Targets of ₹122.12 can be expected to be reached in the coming month. Once CANBK achieved this target, we can aim for the next upside target of ₹125.30.

CANBK if fails to hold upside, down targets of ₹102.65 and ₹92.85 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 113.73 in tomorrow's trading session.

After achieving the initial target in CANBK, we will aim for higher targets of 114.99 tomorrow.

However, if CANBK starts to trade below ₹112.63, then we will shift our focus to the sell side and aim for down targets of 111.37 and 110.27.