Canara Bank extends losing run to seventh trading session

Canara Bank slipped 0.54% to Rs 220.9, extending its losing run to seventh consecutive trading session.

Shares of Canara Bank have declined 9.5% in seven trading sessions from its previous closing high of Rs 244.25 posted on 8 November 2021. The counter hit a 52-week high of Rs 247.60 on 9 November and before succumbing to selling pressure. The stock is up 140% from its 52-week low of Rs 92 posted on 17 November 2020.

Meanwhile, India Ratings & Research upgraded Canara Bank's AT1 Bonds to 'IND AA+' with a stable outlook. The ratings agency also affirmed IND AAA rating on company's long term issuer rating and company's Basel III Tier 2 instrument with a stable outlook.

On the technical front, the stock's RSI (relative strength index) stood at 57.647. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 188.64 and 170.91 respectively. These levels will act as crucial support zones in near term.

Incorporated in 1906, Canara Bank was merged with erstwhile Syndicate Bank (e-SB) on 1 April 2020 to form the third-largest public sector bank and the fourth-largest bank in the Indian banking system with a total asset base of Rs 11.9 lakh crore as on 30 September 2021.

The state-run bank's net profit surged 199.86% to Rs 1,332.61 crore on 2.59% increase in total income to Rs 21,331.49 crore in Q2 FY22 over Q2 FY21.

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