PNB

Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE - - Ab­hay Kant Dubey

CMP: ₹85.25

BSE Code: 532461 I had bought shares of PNB at Rs 93 as­sum­ing it to move up­wards. What should I do now?

HOLD PUN­JAB NA­TIONAL BANK FOR NOW

PNB is cur­rently trad­ing at Rs 85.25. Its 52-week high/low stand at Rs 231.60/Rs 72.35 made on Oc­to­ber 26, 2017 and June 28, 2018, re­spec­tively, show­ing a big down­fall. The stock had wit­nessed a bear­ish en­gulf­ing on Jan­uary 25, 2018 at 197.60 af­ter which it plunged sharply by 53 per cent till Fe­bru­ary 28, 2018. Since then, the stock is trad­ing in con­sol­i­da­tion to the down­side. The stock took a kind of mul­ti­ple sup­port at Rs 73-74.50 lev­els and bounced back. Re­cently, the stock has given a down­ward slop­ing trend­line break­out at Rs 85 with jus­ti­fi­able vol­umes and the 14-pe­riod RSI quot­ing at 66. We sug­gest you to Hold for now.

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