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The short-term outlook is bullish for Punjab National Bank. The stock has been moving up well over the last few days. Since December last year, the price action indicates a cup and handle pattern formation on the chart. Immediate support is at ₹71. Below that, ₹69 is the next strong support.
The chances are high for the stock to sustain above ₹71 itself as fresh buyers can emerge around these levels. Punjab National Bank’s share price can surge to ₹81 over the next two to three weeks. Traders can go long now. Accumulate on dips at ₹72. Keep the stop-loss at ₹68.50. Trail the stop-loss up to ₹76 as soon as the stock moves up to ₹77. Move the stop-loss further up to ₹78 when the price touches ₹79. Exit the long positions at ₹80
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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