PNB : Long Term Buy

PNB has been observing 60-80 zone as long term support zone since 2007. We've seen buying emerge in this range and then counter giving 100-300% kind of return 12-18 months time. 5 month SMA has crossed above 8 month SMA which signifies that bottom has already been formed at 60 level. Earlier incidence of crossover of 5 MSMA over 8 MSMA has resulted in big fall or rise (Arrows). Big green candle has emerged last month with high volume suggesting probability of repetition of history. Also, counter has taken support in downward parallel channel with positive divergence on RSI (14).

Investors can accumulate stock in between 84-92 range with stop loss below 72 for target of 180-220 over a period of 12-15 months.

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