Stock price is Trading at long term support of 200 WMA placed around 430. Stochastic and RSI are Plotted around the oversold zone on the weekly charts Weekly ADX indicator has turned bullish One can buy the stock between CMP and 430, for a target of 520, and place stop loss at 420 on closing basis.
We are looking at a 8 year Nifty IT chart Lets see what the chart is trying to tell us... - Between 2009 to 2015 the price has risen from 1933 levels to 12908 levels - Since Jan 2009 till March 2015 the index has been making higher top higher bottom - It is only after March 2015 that the index is seen making lower top lower bottom on a regular basis Hence...
NSE:PNB is showing good market structure with rising volume on up-moves. * See those green volume spikes. Short-term target would be intermediate resistance of 129. Stop-loss would be a good trendline break.
Waiting for breaking flag will not result in favourable risk to reward ratio..... hence reccomend buying around 608-610 with stoploss of 600 & target 650 (risk:reward ---1:4)