Canara Bank Update

Hi,

I had posted this image on 23rd Feb back in the positional stocks :

canbk

3 days down the line this is what happened :

Canara Bank

Expecting the prices to go down further, Bank Nifty looks down but has completed most of the correction so the potential for canara bank going down is limited best to exit the trade when things on the downward sides look weak.

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Canara Bank Hourly 23-02-15

Hi,

If you look at the hourly chart of Canara Bank, there is a consolidation pattern forming and based on today’s session Bank Nifty and Nifty look to be in the sell mode. Bank Nifty may have also started the wave C decline.

canbk

The trendline has not been confirmed , so it will be interesting to see if the trendline will hold. If so there could be another leg remaining after which we should look for a b-d trendline breach and sell at the low of the b leg which stands at 398.