PNB LONG INTRADAY 26 MAR 2021Dear trader,
If u look at the chart of PNB (analysis based intraday only) the PNB Buy at 35 and Target at 39 and Stop loss at 31.
The chart clearly indicates Bullish Trend you can also see the candle stick patters for more indepth analysis.
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Pnb
PNB/INR ( Panjab National Bank ) Technical Analysis Update#PNB/INR TA Update:1
#PNB stock currently trading at ₹36.95/-
And now trading at strong support level.
My Target before end of April is ₹44/- and ₹49/-
So I am buying April 40/- CE at ₹1.55/-
And My Target will be ₹3 / ₹4 / ₹6 / ₹10
I am expecting 100% profit within 3-4 weeks.
Support:- ₹36
Resistance:- ₹41.35 / ₹44.15 / ₹49.50
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PNB Channel Breakout and next targetsPNB has finally broken a strong resistance of a channel in which it has been stuck since the Corona impacted equity markets.
With the breakout happening with high volumes and a s series of higher lows, we can see that it shall possibly sustain and reach up to the level of 59 in near future. Next target after 59 we can see is 68.
For those who are not already holding it may take an entry at retest of the channel resistance, which is now a support region.
PNB - Punjab National BankResearch pick:
Reasons supporting the pick:
1. Second largest PSU Bank in terms of market capitalisation.
2. PNB’s merger with United Bank of India and Oriental Bank of Commerce has improved the PAT (profit after tax) for three straight quarters of FY21 i.e ₹ 538 crores in Q1, ₹ 576 crores in Q2 and ₹ 747 crores in Q3. NII has been improved over 80% on a YoY basis for Q3.
3. FII’s holding has increased from ~1% to ~4% which signals a strong bullish bias towards the bank. Huge volumes of shares are being traded for close to 7 trading sessions
4. Government of India’s emphasis on Privatisation of PSU’s will leave a lesser count of PSU Banks in India and PNB is expected to remain on the PSU Bankside.
5. Stock is trading/consolidating in a lifetime low trajectory of 26–39 for close to a year now. The all-time high of the stock is 279.8 which is far away from the current levels. Therefore keeping the range of 26–39 as a strong base, the stock has only one way to move i.e up.
6. Technically speaking, the stock is trading at 0.64 times its book value and appears to be undervalued given the above-mentioned reasons.
Talking about targets (Daily time frame):
The stock has a strong resistance zone at 40 .55–42.80 and a strong support zone at 32.50-34.50 levels and hence perfect time to invest would be when the price is close to the support level or breaks the resistance zone i.e above 42.80.
The first target for the stock would be 53+ and the second target would be 70+ in months to come.
NOTE: These findings and levels are purely based upon the knowledge and understanding of the post publisher. The idea here is to predict the future price movements hence, please do not consider this as stock advice or recommendation.
PNB - Ascending Triangle Pattern - Short term SwingThis analysis is purely based on price action and Chart Patterns.
The analysis is on 30min TF hence target can be achieved in intraday trade or in couple of days.
Trade logic with SL and Target is explained in image itself.
Don't chase the price. Always plan your trade & trade your plan
Keep trailing SL accordingly once entered into the trade.
This analysis is purely for education purpose. Kindly do your own study before entering into any trade .
Also check out my other ideas to understand how price action works and how it can be used to make regular profits without any complex strategies.
Feel Free to comment for any queries regarding the above stock or price action analysis in general.
PNB CMP 32.4PNB CMP 32.4 - PNB consolidated well between 26.5 to 28.5. Subsequently it broke out from these levels to reach a high of 42.65 on 9.12.20 subsequently it corrected and consolidated around 61.8% Fibonacci retracement level. It started its upward move since yesterday. Upward move is confirmed in hourly charts. RSI also started its upward reversal and MACD signal red bar started reducing. All these are positive indications for its upward move. Also it is in F&O ban for quite some time by creation of shorts. Since last few days short covering is happening and may come out of ban before December expiry. Similar things happened in last week of last month expiry and last week of expiry it made continuous four green candles and made a rise of around 10%. Expected similar events may happen now. Longs can be initiated with a SL of 30 for a targets of 33.95, 36.35, 37.7, 41.2. This is for educational purpose only and any investment shall be done in consultation with financial expert.
Punjab National Bank ??? ..... NPA reduced ..... heading ??Observations : Ralied from 31 levels to 35 levels in anticipation of results...
Technically 37 will act as a strong resistance...
Breakout above 37 new trading range..
Sustaining below 33.60 rally fizzles out......
Time Frame : 10-15 tradig sessions...