Punjab National Bank (PNB) Technical Outlook📌 Current Price: ₹100.53 (+1.05%)
📌 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.
Pnb
PNB LongPNB Futures trade. Price is making a bullish wedge on weekly chart. This wedge is called, compression liquidity pattern. Once 119 is broken, price will make a momentum move towards, 175 region.
This is the entry and exit plan.
Entry - 89.40
SL 84.80
Target - 1 119
Target - 2 151
Target - 3 178
PNBPunjab National Bank (PNB) is a state-owned bank offering a wide range of banking products and financial services to individuals, businesses, and the government in India.
Current Stock Price (as of July 5, 2024): ₹122.80
Recent Performance
PNB's share price has gained 26.92% year-to-date but is down 9.89% in the last 3 months.
The stock has been trading in a channel range recently.
Technicals
PNB's stock is currently trading in a channel range.
A break above ₹126 could signal a potential long opportunity with targets of ₹404, ₹598, and ₹917 (these targets seem very ambitious and should be viewed with caution).
Disclaimer:
This analysis is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.
PNB The Best Investment Opportunity ! ! !
We see Wave 1 and 2 both are completed and Wave 2 has retraced Wave 1 by less than 100% which suffices the rules of the Elliott Wave Theory, Now forms the Wave 3 the Most awaited the most powerful the most wanted and important wave for every trader, This Wave 3 has the maximum potential.
According to the Elliott Wave Theory these are the Extended Fibonacci Levels giving us the leading information instead of lagging.
HAPPY INVESTMENT ! ! ! !
#FILATEX 46.90 Upside 17% Recommended Buy - Rachit SethiaFILATEX 46.90
TGT 55
SL 43
TF < 6M
Return > 17% ++
RR > 2.5
Factors: BULLISH WEDGE BREAKOUT Trend Following Rising Volume with rising Prices. Flag pattern breakout. Pennant Pattern Breakout with Bullish Candle. Retest Successful. Higher Highs & Higher Lows. Broken above RESISTANCE levels Trading at SUPPORT levels Earnings are strong. Bullish Wedge Breakout Risk Return Ratio is healthy. And Rising from Double Bottom Pattern to Flag Pattern forming. If you like my work KINDLY LIKE SHARE & FOLLOW this page for free Stock Recommendations. With 💚 from Rachit Sethia
#OMAXE 48.80 Buy TGT 61 23% upside recommended - Rachit Sethia OMAXE 48.80
TGT 61
SL 42
RR ~2
Return > 23%
TF < 6M
NSE:OMAXE
Factors: BULLISH WEDGE BREAKOUT Trend Following Rising Volume with rising Prices. Flag pattern breakout. Pennant Pattern Breakout with Bullish Candle. Retest Successful. Higher Highs & Higher Lows. Broken above RESISTANCE levels Trading at SUPPORT levels Earnings are strong. Bullish Wedge Breakout Risk Return Ratio is healthy. And Rising from Double Bottom Pattern to Flag Pattern forming. If you like my work KINDLY LIKE SHARE & FOLLOW this page for free Stock Recommendations. With 💚 from Rachit Sethia
PNBPunjab National Bank
--This Month we can see a support candle or decision candle stick pattern.
--Coming months am bullish in this stock with an upside of 75 % with price 95 target.
--Dip buy as strongest support is 44.
Note- This is monthly buy so stock can go up/down in weeks and days.
A monthly closing is a must to buy.
PNB - Bullish Swing ReversalNSE: PNB is closing with a bullish swing reversal candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 8% to 12% gain on deployed capital in this swing trade.
The view is to be discarded in the event of the stock breaking previous swing low.
#NSEindia #Trading #StockMarketindia #Tradingview #SwingTrade
A reasonable target for a mad moveNSE:PNB
have booked my profits but this is a projected targets for those who are holding from lower levels one should look to book profits near 65 to 68 range no fresh position is advised and one should not get in now as it too late for a good entry but the move is still on hope you hold on to the winners
Bank Nifty Levels & Option Data for 12/Dec/2022Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.
Please find below scorecard, PCR update & options statistics for your reference:
BANK NIFTY SCORECARD DATED 09/DEC/2022
BANK NIFTY IS UP BY 37 POINTS
Name Price Previous Day Change % Change
Bank Nifty 43633 43597 36.60 0.08%
India VIX 13.48 13.40 0.08 0.60%
OPTION STATISTICS BASED ON 15/DEC/2022 EXPIRY DATA
Max OI (Calls) 44000 (Open Interest: 2219650, CE LTP: 88.65)
Max OI (Puts) 43500 (Open Interest: 1850050, PE LTP: 181)
PCR 0.91 (PCR is in bearish zone)
Bank Nifty Calls:
ATM: Short Buildup, OTM:Short Buildup, ITM:Long Liquidation, FAR OTM:Short Buildup
Bank Nifty Puts:
ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup