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Pnb

NIFTY PSU BANK INDEX - Very Bullish The index is forming an Inverted Head and Shoulder Pattern. Just broke out of the Downward Channel resistance this week. In about 2-3 years the index should reach its target of 4340 but before that happens its intermediate targets will be met. Between 2660 and 3360 there could be some consolidation going forward. Immediate short term - MACD crossover should give this space some momentum. My Fav picks from the index include SBI, BOB, PNB, Indian Bank, Central Bank & Canara Bank.
NSE:CNXPSUBANKLong
by CannySunny
9
PNB: SLEEPING GIANT AWAKENED Punjab National Bank is an Indian multinational banking and financial services company, 3rd largest in India, it has Formed reverse head and shoulder pattern. Closing and sustaining above 38.60 can lead to massive rally. SHORT-TERM TARGET: 44 (4W) LONG-TERM TARGET: 94 (52W) Reasons supporting the rally; ➡️MACD ABOVE SIGNAL & CENTER ➡️RSI INDICATING PRICE STRENGTH ➡️PNB SAW IMPROVEMENTS IN NET PROFITS, OPM & REVENUES IN RECENT QUARTER ➡️MFs INCREASED THEIR SHAREHOLDINGS LAST QUARTER
NSE:PNBLong
by Chinmayonniftyy
5
#cnxpsubank cup & handle formationcnxpsubank index @2240 clearly making cup& handle pattern. Is the risk reward favorable to preempt the formation before breakout? Those who are seeking opportunity should give it a try. With entry point 2240 and stop loss at 1900 the reward seems to be 3600 which is 1:3. Seems to be best bet for next 3 months or so. Weekly positive DMI moving up again and Negative DMI facing down (suggesting bears are not interested) and with ADX at 30(very strong), this is a not to be missed opportunity Monthly Charts also confirming the pattern although ADX still sloping down suggesting the Index may move up with little time & bit of volatility. What`s your take?
NSE:CNXPSUBANKLong
by mayank79