November 02, 2015
PNB (NSE Cash)
BUY
` 125
` 129.50 - 129
` 138
5-10 sessions
127.50
126
135
139
Bullish
Source: Falcon (Chart time - 14:40 IST)
The stock is trading its strong support of ‘Horizontal Trend line’ in the weekly chart, which is placed at
` 125 - ` 126 levels.
At current juncture, we are observing a formation of a Bullish Harmonic pattern called ‘Bullish Gartley’
in the daily chart, whose Potential Reversal Zone (PRZ) is placed at ` 127.70 levels.
The ‘Stochastic’ indicator is giving positive crossover with its average from the oversold territory in the
daily chart, indicating a bounce on cards.
Looking at the above technical evidences, we are expecting a pullback move in the stock. Thus, we
advise traders to buy this stock from current level and on a correction up to ` 129 for a target of ` 138
in coming 5 to 10 trading sessions. The stop loss for this trade set up can be kept at ` 125.
November 02, 2015
PNB (NSE Cash)
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