I hold shares of PNB Housing Finance. What are the likely long-term targets?
PNB Housing Finance (₹649.35) : The stock of PNB Housing Finance was in the limelight in the first week of June this year, in which it had doubled in the short span of a week and recorded a 52-week high at ₹924. In that week, the stock had emphatically broken through a key resistance at ₹440. Since the June high, the stock has been in a medium-term downtrend. Nevertheless, it is hovering above the key medium-term support in the band between ₹600 and ₹630. A decisive downward breakthrough of this base will reinforce the downtrend and pull the stock down to ₹525 and then to ₹500. Key supports below ₹500 are placed at ₹450 and then ₹400 levels. You can stay invested with a stop-loss at ₹595.
On the upside, the stock needs to break above the key hurdle at ₹754 in order to alter the medium-term downtrend and go higher to ₹800 over the medium term. A conclusive breakout of long-term resistance at ₹800 will strengthen the uptrend that commenced from the March 2020 low of ₹145. In that case the stock can trend upwards to ₹900 and then to ₹1,000 over the long run, which could be the long-term targets of the stocks. Supports below ₹400 are pegged at ₹350 and ₹325 levels.
What is the technical outlook for Tatva Chintan Pharma Chem.? I would like to invest.
Tatva Chintan Pharma Chem (₹2,049.2) : Following a good listing in July this year, the stock of Tatva Chintan Pharma Chem has had limited trading history. Since then, the stock has been in a short-term downtrend. It trades well below the 21-day moving average. The daily relative strength index is featuring in the bearish zone. Key immediate support for the stock is placed at ₹2,000, which can be retested in the near term.
But an emphatic plunge below this base can pull the stock lower to ₹1,900 or even to ₹1,800 over the medium term. A rally above the 21-day moving average at ₹2,115 can take the stock higher to ₹2,150 and then to ₹2,200 levels. A decisive break above ₹2,200 can alter the downtrend and reinforce the bullish momentum. Such an up-move can take the stock higher to ₹2,250. Next hurdle is placed at ₹2,300 and ₹2,380. At this juncture, you can buy in small quantity and consider averaging the stock at lower levels.
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