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Canara Bank (Rs 360.3): The long-term outlook remains negative for Canara Bank, as long as the stock rules below Rs 530. However, in the short-term, Canara Bank may show some recovery. It finds immediate resistance at Rs 390 and support at Rs 325. A close below the support will start another deep slide in the stock. In that event, Canara Bank can decline to Rs 257. On the other hand, next resistance is placed at Rs 432.
F&O pointers: Canara Bank July Futures is ruling in deep discount (3 per cent). But that is mainly because of dividend, for which the ex-date is July 4. It added one lakh shares in open interest along with rise in share price on Friday. This indicates a positive bias. Options are not active.
Strategy: Traders could consider going long on Canara Bank Futures, with a stop-loss at Rs 325 that can be shifted to Rs 345, if Canara Bank sustains above that level. The stop-loss is on spot price and on a closing day basis.
( Note: Feedback or queries (on positions) may be sent to blfuturesoptions@gmail.com by Sunday noon. Replies will be published on Monday.)
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