Dexto_8912

Best PSU bank to bet on

Long
NSE:PNB   PUNJAB NATL BANK
Ascending traingle pattern formation, breakout expected above 44-46 range.

Look for entry above those levels.

Targets T1 T2 mentioned on Chart.

Counter, looks quite undervalued.
Pb ratio: 0.72

RSI on monthly time frame at 40-42 levels. Looks good for entry at these low valuations. Government has confirmed that it will be one of the two PSU bank along with BOB that will be privatised.

Results came short term traders booked profit, almost 6% away from 52 week high.

Momentum traders: Can bet on this counter for next 6-10 months for almost 30-50% returns. ( The best thing is that the banknifty is still quite underperforming as compared to Nifty . Once 35500-35850 levels are crossed decisevly. Banks will lead the next rally.

Investors: This stock can give 300-400% returns in 4-5 years time frame. Can go long on this.

Happy Trading/Investing

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