The stock rose from Rs 2,378 on November 9, 2023, to Rs 2,895 on February 9, 2024, which translates into an upside of over 20% in the last 3 months. It has broken out from a 1.5-year-long consolidation placed above 2,600 on the weekly charts in November 2023 and is holding above the same.
Canara Bank rose more than 16% in a week and over 40% in the last 3 months. The momentum pushed it to hit a fresh multi-year high of Rs 567 on 8 February. The level was last seen around May 2011. The level of 550-570 acted as a stiff resistance back in February 2012 and January 2013.
The stock, which is also part of the S&P BSE Smallcap index, broke out from a 16-year-old channel pattern last month on the monthly charts. The neckline was placed around 62 levels. The stock closed at Rs 68 on February 6.
The national lender, which is also part of the S&P BSE Sensex, hit a record high of Rs 660 on December 20, 2023, but failed to hold on to the momentum. The stock found support above the neckline of the Ascending Triangle pattern on the weekly charts, which suggests that bulls are here to stay.
The stock rose over 7% in a week and more than 16% in the last three months, Trendlyne data showed. It took support above the 200-DMA on the daily charts and neckline or the support area of a Triangle pattern on the weekly charts, which suggests that a potential technical bounce back can be on the cards.