Canara Bank, which is a part of Jhunjhunwala’s investment portfolio, recently announced its financial results for the March quarter. The results were a combination of both positive and negative aspects. The bank’s net interest income (NII) fell short of analysts’ expectations due to sluggish loan growth. However, the bank’s profit aligned with Street estimates, primarily because of increased other income and the recovery of funds from two accounts. Some brokerage firms have suggested price targets for Canara Bank’s shares, ranging up to Rs 400, indicating a potential upside of around 30%.

I have been closely monitoring the stock prices of Canara Bank since they were at 165 levels, and I have identified several potential trading opportunities based on my analysis of the chart. At present, the stock prices have broken out from another flag pattern, suggesting the emergence of a new buying opportunity. Based on my observations, there is a possibility of further upward movement in Canara Bank’s stock.

In the chart provided, the red arrows highlight multiple instances where buying opportunities were identified in the stock. These arrows indicate points in time where it may have been favorable to enter a long position or purchase the stock based on my analysis. These buying opportunities are identified based on specific technical chart patterns observed in the chart.

Canara Bank’s Quarterly Results: Motilal Oswal Target of Rs 400 Maintained as Profit Surges 91% YoY, Despite NII and PPoP Falling Short

Please note that I hold reservations towards the banking and financial sector due to ethical reasons, which prevent me from engaging in any trading activities within that realm.