Long Canara Bank stock: 1st Buy Range (420 - 480)
Monthly Chart of Canara Bank |
Why Buy Canara Bank?
Technical Reasons:
1) Strong momentum
2) Breakout is there on Monthly time frame from 430
Fundamental Reasons:
1) has a good dividend yield
2) available at low valuation/ low PE. Current PE is around 6
Macro Reasons:
1) Banks NPA are low and manageable
2) India's GDP to grow around the range of 5% to 7% per year for a decade. It itself is a very positive sign for the banking sector has a whole.
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