November 27, 2015
PNB (NSE Cash)
BUY
` 136.80
` 143 - 142
` 154
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time:
10:30 IST)
Justification:
Looking at the broader degree charts, it can be clearly seen that the corrective phase got arrested around
‘Horizontal Trend line’ support, which coincides with the 61.8% Fibonacci retracement level of the large up
move. After consolidating around this support zone for few months, the stock has given a breakout from the
'Multiple Resistance Zone' of ` 142, which a first sign of strength. In addition, both the daily and the weekly
momentum oscillators are positively poised. Thus, looking at these technical evidences, we advise traders to
buy this stock at current levels and on declines to ` 142 for a target of ` 154 in coming 14 to 21 trading
sessions. The stop loss for this trade set up can be kept at ` 136.80.
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November 27, 2015
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Source: Angel Research
Research Team Tel: 022 - 30940000(Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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