Comments
The outlook for the stock of Punjab National Bank is bullish. The stock has been range bound between ₹132 and ₹150 for more than a month. Technically, the 100-week moving average at around ₹135 has been providing strong support and also limiting the downside all through the current consolidation phase. The stock rose 3.2 per cent on Thursday and is currently moving higher to test the upper end of the range. Inability to decisively break above ₹150 may retain the stock within the ₹132-₹150 range for some more time. However, the broader bias is bullish. There is a strong likelihood of the stock breaking the range above ₹150 in the coming days. Such a break can take the stock higher to ₹170 – the 61.8 per cent Fibonacci retracement resistance thereafter. Traders with a short-term perspective can go long. Stop-loss can be placed at ₹133 for the target of ₹168. Accumulate longs on dips near ₹140. Revise the stop-loss higher to ₹148 as soon as the stock moves up to ₹155. The bullish outlook will get negated only if the stock declines below ₹132 decisively. The next targets will be ₹125 and ₹120.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.