Canara Bank slides over 7% in five days

Canara Bank declined 1.85% to Rs 273.75, extending losses for fifth consecutive trading session.

Shares of the PSU bank lost 7.42% in five trading sessions from its recent closing high of Rs 295.70 on 15 December 2022.

On the BSE, 2.07 lakh shares were traded in the counter so far compared with average daily volumes of 2.08 shares in the past two weeks. The stock hit a high of Rs 278.25 and a low of Rs 270.85 so far during the day.

The stock hit a 52-week high of Rs 341.60 on 3 January 2023. The stock hit a 52-week low of Rs 171.70 on 20 June 2022.

In the past one month, the stock has declined 14.16% while the benchmark Sensex has lost 1.46% during the same period.

The scrip had underperformed the market in past three months, sliding 14.06% as against Sensex's 2.73% decline.

However, the counter had outperformed the market in past one year, rising 18.82% as against Sensex's 4.26% increase.

On the technical front, the stock's daily RSI (relative strength index) stood at 33.139. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On daily chart, the stock is trading below its 50-day and 100-day simple moving average (SMA) placed at 308.50 and 297.77 respectively.

Canara Bank is a public sector bank. As on 31 December 2022, the bank has 9,720 bank branches, out of which 3049 are rural, 2744 semi-urban, 1,998 urban & 1,929 metro along with 10,745 ATMs. The bank is also having 3 overseas branches in London, New York and Dubai.

The public sector bank reported 91.88% jump in standalone net profit to Rs 2,882 crore on 23.01% rise in total income to Rs 26,217 crore in Q3 FY23 over Q3 FY22.

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