PNB - looks good if it is able to cross a resistance of 38.5
Good Notes for PNB:
* Consecutively 5th weekly green candle supported by good volumes
*Monthly candle above 20MVA
* Daily RSI around 58
* The daily and weekly charts show a squeeze pattern ready to breakout on either sides.
When to enter - if Daily RSI crosses 60 or crucial resistance of 38.5 is breached. On the Daily RSI, one can see that in the recent past, twice it has tried to cross the 60 RSI mark, but has retraced from those levels. With SBI posting strong profits and BNF recording a 1200 point move, PNB could be thrusted above Rs. 38.5 mark. Couple this with good results, the counter could go till 45+. It is a long term pick so those looking for a quick buck may avoid it.
Negative Notes:
* There has been very less momentum in the counter and hardly any good news for PSU banks all around.
* Monthly RSI is at 43 levels showing a vast gap between short term movements and long term movements. Those cautious may enter only once daily and weekly RSI are above 60
* Consecutively 5th weekly green candle supported by good volumes
*Monthly candle above 20MVA
* Daily RSI around 58
* The daily and weekly charts show a squeeze pattern ready to breakout on either sides.
When to enter - if Daily RSI crosses 60 or crucial resistance of 38.5 is breached. On the Daily RSI, one can see that in the recent past, twice it has tried to cross the 60 RSI mark, but has retraced from those levels. With SBI posting strong profits and BNF recording a 1200 point move, PNB could be thrusted above Rs. 38.5 mark. Couple this with good results, the counter could go till 45+. It is a long term pick so those looking for a quick buck may avoid it.
Negative Notes:
* There has been very less momentum in the counter and hardly any good news for PSU banks all around.
* Monthly RSI is at 43 levels showing a vast gap between short term movements and long term movements. Those cautious may enter only once daily and weekly RSI are above 60
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