Shares of Canara Bank hit a fresh 52-week high in early deals today amid high volatility in the broader market. The stock rose to an intraday high of Rs 606 on BSE. Market cap of Canara Bank stood at Rs 1.08 lakh crore. Total 10.23 lakh shares changed hands amounting to a turnover of Rs 61.42 crore.
Canara Bank shares have gained 35.61 per cent since the beginning of this year and risen 96 per cent in one year. The banking stock hit a 52-week low of Rs 272.30 on March 24, 2023. It has recovered 122% since then.
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Rekha Rakesh Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, held 37,597,600 shares or 2.07 per cent in the public sector lender as on December 31, 2023.
Brokerage Motilal Oswal has a buy call on Canara Bank with a target price of Rs 650.
Abhijeet from Tips2Trades said, “Canara Bank is bearish & overbought on the Daily charts with strong resistance at Rs 606. A daily close below support of Rs 584 could lead to Rs 542 in the near term.”
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Canara Bank has a one-year beta of 0.7, indicating very low volatility during the period. In terms of technicals, the relative strength index (RSI) of the Canara Bank stock stands at 69.4, signaling the stock is trading neither in the oversold nor overbought zone. The banking stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
The board of the lender on February 26 approved the sub-division of its equity shares of Rs 10 into five shares with a face value of Rs 2 each. The stock split, in the ratio of 1:5, is aimed at improving liquidity in the bank’s shares and making it more affordable for retail investors.
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Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as an investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
