Canara Bank (NSE) — Monthly View

Technical Analysis Primary Trend: Strong long-term uptrend since 2021 with higher highs and higher lows. Structure: Stock has completed a multi-year base (2016–2021) and is in a sustained expansion phase. Breakout Zone: Clean breakout above the ₹120–₹125 long-term resistance with strong momentum. Momentum: Recent candles show strong bullish impulse — wide range green candles indicate institutional participation. Volume: Expansion in volume on upside confirms the strength of the move. Current Position: Price is trading above all major long-term moving averages (trend is healthy). Key Levels (from your chart): Support: ₹140 → ₹128 → ₹118 → ₹92 Resistance: ₹164 → ₹175–180 zone (next psychological zone) Fundamental Analysis Business: Canara Bank is a large public sector bank with a strong retail, MSME and corporate loan franchise. Asset Quality: Over the last few years, the bank has significantly improved its Gross & Net NPA levels, indicating better balance sheet health. Profitability: Operating profit and net profit have been improving due to: Better credit growth Lower provisioning Higher net interest income Capital Position: Capital adequacy has improved, giving room for growth without immediate dilution risk. Sector Tailwind: PSU banks are currently in a structural recovery phase supported by: Lower NPAs Credit cycle revival Government backing and reforms