Canara Bank Adjusts Evaluation Score Amid Mixed Technical Indicators and Strong Fundamentals

Canara Bank, a midcap player in the public sector banking industry, has recently undergone an adjustment in its evaluation score. This revision reflects a shift in technical trends, moving from a mildly bullish stance to a mildly bearish outlook.
The bank's technical indicators present a mixed picture. The MACD shows a mildly bearish trend on both weekly and monthly bases, while the RSI indicates a bearish signal for the month. Bollinger Bands also reflect a bearish sentiment, consistent across both weekly and monthly assessments. However, daily moving averages remain mildly bullish, suggesting some short-term resilience.

In terms of performance metrics, Canara Bank has demonstrated a strong long-term fundamental strength, highlighted by a remarkable 59.37% compound annual growth rate (CAGR) in net profits. The bank maintains a low gross non-performing asset (NPA) ratio of 2.69%, indicating robust lending practices. Despite a return of -4.85% over the past year, the bank's profits have increased by 19.8%, showcasing its underlying financial health.

With a current price of 106.00, Canara Bank continues to trade at a discount compared to its peers, supported by a high dividend yield of 3.8% and significant institutional holdings at 22.8%.

Discover the Latest Mojo Score and Financial Trend Performance - SignUp in less than 2 Minutes and get FREE Premium Access.