Sell Canara Bank between Rs 429.55 to Rs 445. Stoploss at Rs 460 ::HDFC Sec, report

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Observation  The stock is showing negative bias for the short term and it has completed the larger degree rising leg at 479.  Trend line breakdown has been witnessed which is a bearish signal for short term and this has confirmed that top of 479 as lower top.  Price has completed major “wave B/X” at 479 levels and now it is in progress of fresh falling leg.  The progressing falling leg could be major “wave C/Y”. Initially price could slide down towards 61.8% or it could retrace 100% of the last rise, the respective levels are placed at 390 – 340.  Traders could sell the stock between CMP to 445 with the stoploss of 460 on closing basis for the targets of 390 - 340.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3011194