Stock to buy: Sumeet Bagadia stock recommendation: At a time where the markets are cautious about the outlook for the US-Iran ceasefire talks and crude oil remains above $100 per barrel, Sumeet Bagadia of Choice Broking has picked PSU bank stock Canara Bank as its ‘Ram Navami Pick’.
With stocks continuing to attract investor interest and technical charts signalling fresh momentum, Choice Broking’s Executive Director Sumeet Bagadia has picked Canara Bank as his Ram Navami stock bet, citing a strong breakout pattern and favourable risk-reward setup for the medium to long term.
Bagadia has recommended buying Canara Bank at around ₹137.30 and adding on dips up to ₹133, with upside targets of ₹151 and ₹158. He has identified ₹125 as a crucial support level, making the setup attractive for traders and positional investors looking to capitalise on the ongoing strength in PSU banking counters.
On Wednesday, March 25, share price ended 2.55% higher at ₹136.55 following a broader market rally. Benchmarks Nifty 50 and Sensex also settled over 1.5% each in trade in the previous session. Indian stock markets are closed today, March 26, on account of Ram Navami. The PSU bank stock has rallied 54% in the last 1 year but shed 9% in 3 months and 14% in the last 1 month.
It is currently 16% away from its 52-week high of ₹162.90, hit in February 2026. However, it had touched its 52-week low of ₹83.36 in April 2025.
Ram Navami Pick by Sumeet Bagadia
Buy Canara Bank at ₹137.30 and add up to ₹133 for the targets of ₹151/158
Bagadia highlighted that the stock has recently broken out of a rounded bottom pattern, a formation typically considered bullish in analysis. The breakout was accompanied by a noticeable increase in trading volumes, signalling strong participation and reinforcing the strength of the move.
“Canara Bank is currently trading around the 137.30 level. The stock had earlier witnessed a breakout from a rounded bottom pattern, which is typically considered a bullish formation. This breakout was supported by a noticeable increase in trading volume, indicating strong participation and reinforcing the strength of the move,” Sumeet Bagadia said.
Following the breakout, the stock witnessed an upward rally before retesting the breakout zone. It has managed to sustain above this level, suggesting the presence of underlying buying interest and effectively establishing the zone as a demand area.
On the weekly chart, the prior breakout level is seen around ₹125, which now acts as a key support. Any sustained move below this level could weaken the overall momentum, while holding above it keeps the bullish structure intact.
“Based on the current technical structure, investors may consider accumulating the stock in the range of 137.30 to 133, where the key 200-day exponential moving average (200DEMA) is positioned. From a risk management perspective, the 125 level should be treated as a crucial support,” Sumeet Bagadia said.
Bagadia believes that if the current structure holds, the stock has the potential to move towards ₹151 and ₹158 over the medium to long term. With a strong technical base and defined support levels, Canara Bank remains on the radar for investors seeking opportunities in the PSU banking space.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.