Canara Bank tests support below key cloud levels

CANBK closed at ₹118.38 after a positive day, but the broader technical setup remains under pressure. The stock is below its conversion line at ₹121.49, the base line at ₹122.06, and the forward cloud, which spans roughly ₹121.77 to ₹124.81. That cluster forms a compact but important overhead barrier, showing that the recent price action is still below the market’s key trend references. The chart’s first task is to defend the ₹117–118 zone. This area has attracted buying interest recently, yet a break below it would leave the stock vulnerable to a move toward ₹115 and then the ₹110 region. The price is therefore not in a confirmed reversal; it is attempting to stabilise after a sequence of lower highs from the early-2026 peak. For bulls, the route is precise. A close above ₹121.50 would reclaim the conversion line, but a sustained move through ₹122–125 is needed to overcome the base line and cloud resistance. Only then would the daily structure begin to shift from corrective to constructive. Canara Bank remains a key public-sector banking name, but its chart requires discipline: retain ₹117 as support, watch whether price can build higher lows, and wait for a cloud breakout before assuming the decline has ended. Until those levels are recovered, the risk is that each bounce meets supply near ₹122–125.