PNB
PNB
recently had a breakout from resistance levels of 38.5 from which it faced rejection thrice earlier.
On the daily timeframe, the script had earlier broken out of long term down trend line making Double Bottom at 26.5 levels.
PNB broke out of 38.5 resistance levels on back of high volume & reversed from the same levels after testing the levels on back of low volumes (resistance now turning support).
38.5 now seems like a good support for further up journey.
On a weekly timeframe, once bounced from 26.5 second time, clear volume expansion with wide range buying candles indicates buying conviction.
Seeing the rally in banknifty, PSU Bank's participation was quite low. Now that Private banks have somewhat reached their saturation levels, PSU banks can lead the rally.
After crossing the hurdle of 38.5, we may see PNB gliding away to next big hurdle of 55 levels.
So longs can be initiated from current levels for targets around 55 with SL at 35 (the low of wide range & high volume breakout candle).
PNB
recently had a breakout from resistance levels of 38.5 from which it faced rejection thrice earlier. On the daily timeframe, the script had earlier broken out of long term down trend line making Double Bottom at 26.5 levels.
PNB broke out of 38.5 resistance levels on back of high volume & reversed from the same levels after testing the levels on back of low volumes (resistance now turning support).
38.5 now seems like a good support for further up journey.
On a weekly timeframe, once bounced from 26.5 second time, clear volume expansion with wide range buying candles indicates buying conviction.
Seeing the rally in banknifty, PSU Bank's participation was quite low. Now that Private banks have somewhat reached their saturation levels, PSU banks can lead the rally.
After crossing the hurdle of 38.5, we may see PNB gliding away to next big hurdle of 55 levels.
So longs can be initiated from current levels for targets around 55 with SL at 35 (the low of wide range & high volume breakout candle).