Punjab National Bank (PNB) Technical Outlook
📌 Current Price: ₹100.53 (+1.05%)
📌 Sector: Banking
📌 Timeframe: Daily
Key Observations:
1.Descending Channel:
2.Fibonacci Retracement:
3.Support and Resistance Levels:
4.Volume Analysis:
5.RSI (Relative Strength Index):
Jefferies Target 🎯:
Potential Scenarios:
Bearish Case:
Trading Strategy:
1.Short-Term Traders:
2.Long-Term Investors:
Final Thoughts:
The stock's long-term prospects remain aligned with its sector growth and broader market recovery. A breakout from the descending channel could attract significant buying interest, aligning with Jefferies' bullish target of ₹135.
📌 Sector: Banking
📌 Timeframe: Daily
Key Observations:
1.Descending Channel:
- PNB has been trading in a well-defined descending channel since its peak of ₹142.40. The current trend remains bearish, with lower highs and lower lows.
2.Fibonacci Retracement:
- Major Levels:
- 0.618 (₹113.59): Key resistance.
- 0.5 (₹104.69): Immediate resistance.
- 0.382 (₹95.80): Current support.
- 0.236 (₹84.79): Next critical support if the stock breaches ₹95.80.
3.Support and Resistance Levels:
- Support: ₹95.80 (holding strong for now).
- Resistance: ₹104.69, followed by ₹113.59.
4.Volume Analysis:
- Declining volume suggests indecision among traders, indicating a potential consolidation phase.
5.RSI (Relative Strength Index):
- RSI shows the stock is moving out of oversold territory, which could trigger a short-term bounce.
Jefferies Target 🎯:
- Revised Target: ₹135
- This aligns with the 0.786 Fibonacci level (₹126.26), a crucial point where PNB would need to break out of the descending channel and confirm a trend reversal.
Potential Scenarios:
- Bullish Case:
- Bounce from ₹95.80 and breakout above ₹104.69.
- Sustained buying could push the stock to ₹113.59 and eventually to ₹126.
Bearish Case:
- A breakdown below ₹95.80 could lead to a retest of ₹84.79.
- Failure to hold ₹84.79 might push the stock to its next support zone around ₹80.
Trading Strategy:
1.Short-Term Traders:
- Watch for a breakout above ₹104.69 for a quick target of ₹113.59.
- Stop-loss: ₹95.
2.Long-Term Investors:
- Accumulate near ₹95.80 or ₹84.79, keeping ₹80 as a long-term stop-loss.
Final Thoughts:
The stock's long-term prospects remain aligned with its sector growth and broader market recovery. A breakout from the descending channel could attract significant buying interest, aligning with Jefferies' bullish target of ₹135.
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