Canara Bank may test Rs 420: Kunal Bothra

Kunal Bothra, Head of Advisory at LKP is of the view that Canara Bank may test Rs 420.

Kunal Bothra, Head of Advisory at LKP told CNBC-TV18, "The public sector undertakings (PSU) banks have seeing some sort of a swing breakout on the short term charts. Canara Bank is one of the few stocks which is showing some very good strength. It is forming inverse head and shoulder and it is a good sign for Canara Bank  which had been dragging over the last couple of days."

"From a short term perspective one could look at a target of at least Rs 420 provided that the pattern succeeds. My sense is that Bank Nifty is playing out pretty well over the last couple of days, probably just about couple of percentage points away from breaking that 52 week
high. The overall momentum is coming back into Bank Nifty and PSU banks could probably give a short term rally," he adds.

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