Canara Bank hits 52-week high; jumps 7% in six days

Canara Bank rose 0.98% to Rs 327.90, extending gains for the sixth trading session.

Shares of Canara Bank surged 6.83% in six consecutive sessions.

On the BSE, 3.51 lakh shares were traded in the counter so far compared with average daily volumes of 3.10 lakh shares in the past two weeks.

The stock hit 52 week high of Rs 329 today, 24 November 2022. The stock hit a 52-week low of Rs 171.70 on 20 June 2022.

The stock had outperformed the market over the past one month, rising 13.23% compared with 4.21% rise in the Sensex.

The scrip outperformed the market in past one quarter, climbing 37.34% as against Sensex's 5.95% rise.

The scrip had also outperformed the market in past one year, surging 53.58% as against Sensex's 5.91% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 80.526. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 265.00, 244.91 and 231.68 respectively.

Canara Bank is a public sector bank. As of 30 September 2022, the Government of India held 62.93% in the bank. Its standalone net profit surged 89.51% to Rs 2,525.47 crore on 16.88% rise in total income to Rs 24,932.19 crore in Q2 FY23 over Q2 FY22.

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