PFC taking support from lower trendline. BUY

PFC has FY17 expected EPS of 29.5 and FY17 BV of 165 (after interim dividend but before final dividend) and hence at current prices it is trading at a PE of just 5.5 and P/BV of 0.95. Its one of the cheapest finance stock in the market.

PFC corrected from 168 levels after the news came about Govt selling its 10% of its holding. Sale of share process will take about 3 months. I expect the share sale to happen between 180-190. PFC's lifetime high is 192.50.

1st target for PFC is 169 which is possible before expiry. Strong Buy.
Trade active: PFC tested the trend line on intra-day again and closed at a level higher than the closing on 17/4/17 when shorts were created. PFCs recent high on closing basis was 163.80 which I expect will be taken out on or before current month expiry on 27/4/17. Reiterate. Strong Buy.
Trade active: PFC ended the just 10p below the trendline. Looking for a bounce from those levels today.
Trade active: PFC is closing just below its 12month high closing. I expect the rally to continue tomorrow.
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