PNB on a daily time frame has formed a symmetric triangle pattern and also gave breakout with 52 weeks high of 48.20 rupees. The next target would be around 53 based on the width of the triangle.
Trade PNB by considering the important level as demand and supply zone .
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Punjab National Bank is a very good stock, on the verge of breakout. I recommend this stock for the long term, as it has very high potential but has been severely beaten down due to the Nirav Modi fraud and a few other incidents.
1. Volumes are at all time high, suggesting market interest in the stock.
2. VERY undervalued for the sort of company it is, and...
The stock is in an uptrend and was consolidating for a SHORT TIME and thereby forming an Ascending triangle.
Stop-loss is placed according to personal risk management.
ITC @ BUY ABOVE 35.75
TGT 01 - 36.05
TGT 02 - 36.25
SL - 35.50
The stock is looking good at this price for the long term, safe traders can keep SL for 3 points (29.5) and refer to the chart for the targets.
Happy Trading!
InvestPro India Team
