Over the years, the Bank has been scaling up its market position to emerge as a major Financial Conglomerate with as many as thirteen subsidiaries/sponsored institutions in India and abroad. As at June 2023, Canara Bank services over 11.04 crore customers through a network of 9,653 branches and 12,114 ATMs/Recycler spread across all Indian states and Union Territories.
Previous Close
359.35
TTM EPS
70.6
52 Week High
387.8
TTM PE
5.4
52 Week Low
221.0
P/B
1.1
Sector PE
10.7
Mkt Cap (Rs. Cr.)
69,082
(Source: Moneycontrol, BSE, Fisdom Research)
Technical Outlook
(Source: Fisdom Research)
Canbk experienced a consolidation break-out above 320 in Jul-2023 and reached a high of 387 post-consolidation.
The stock subsequently dipped to re-test the support level of 340 due to profit-taking in the market.
It rebounded strongly from the lows following positive fundamental quarterly results.
From a technical perspective, the stock remains a “Buy-On-Dip” above 340 levels, with the potential to reach higher levels around 440 in the coming months.
On a short-term time-frame, if the stock dips towards 365 and 350 levels, it is advisable to maintain a stop below 340 levels.
Open Interest Study
Expiry
CP
Strike
Open Interest
30-Nov-23
CE
400
1534
30-Nov-23
CE
380
1219
30-Nov-23
PE
350
1026
30-Nov-23
PE
360
955
30-Nov-23
CE
390
941
30-Nov-23
PE
370
870
30-Nov-23
PE
380
808
30-Nov-23
PE
330
708
30-Nov-23
PE
340
683
The Open Interest Chain study for the November series reveals a significant build-up of Call Options at the 400 and 380 Strike Rates.
Conversely, there is a substantial build-up of Put Options at the 350 and 360 Strike Rates, suggesting a buy-on-dip sentiment towards these support levels.
Fresh buying, coupled with short-covering, can be anticipated only if the stock manages to sustain above the critical 400 levels.
From a modest start in 1937, when hand-carts were used to distribute Colgate Dental Cream, Colgate-Palmolive (India), now in its eighth decade, has one of the widest distribution networks in India. Today, the company is the market leader in the country in Oral Care that seeks to deliver sustainable, profitable growth, superior shareholder returns, and provide its people with an innovative and inclusive work environment.
Previous Close
2034.4
TTM EPS
40.8
52 Week High
2129.4
TTM PE
50.9
52 Week Low
1434.6
P/B
32.9
Sector PE
59.8
Mkt Cap (Rs. Cr.)
56,586
(Source: Moneycontrol, BSE, Fisdom Research)
Technical Outlook
(Source: Fisdom Research)
In July 2023, the counter experienced significant buying interest, leading to a consolidation phase afterward.
Last week, the counter saw decent buying interest from its lows, ending the week marginally in the red.
In the short term, the technical outlook suggests a “Buy-On-Dip” strategy within the ongoing consolidation range of 1900 to 2100.
On the higher end, the immediate target and hurdle are around 2120 and 2180. A breakout above this consolidation range can potentially lead to higher targets in the coming months.
Open Interest
Expiry
CP
Strike
Open Interest
30-Nov-23
CE
2100
433
30-Nov-23
CE
2200
387
30-Nov-23
PE
2000
362
30-Nov-23
CE
2300
211
30-Nov-23
CE
2000
158
30-Nov-23
PE
1900
141
30-Nov-23
PE
1850
103
30-Nov-23
CE
2250
97
30-Nov-23
CE
2050
92
In the November Option Open Interest Chain, there is a significant build-up of Call Options at the 2100 and 2200 Strike Rates. Simultaneously, the maximum Put Options build-up is observed at the 2000 and 1900 Strike Rates, indicating these levels as important and crucial support for the stock.
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