Canara bank came up with QIP issue some time back and it was well accepted. Bank made around Rs1,993 crore from that. This will help Canara bank to expand and utilize it in growing credit demand. Stock is trading around their 20 DMA. In the short term, markets are fragile so therefore indicators are well reflecting that.
But stock market conditions will improve over a period of next few months; Canara Bank is going to do well at that stage. It made a high of Rs 837 in the month of November 2010. Currently it is trading at Rs 609, interest rate sensitive sectors like bank will remain unstable in short term because of inflation and related issues, but one can enter the stock with a time frame of 9 months to 12 months.
It can perform well in short term also, but stock markets can remain uncertain in short term. So short term investment strategies should be formulated keeping that in mind. As far as this idea is concerned, it is for a time frame 6 months to 12 months.
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