May 22, 2017
PNB (NSE Cash)
BUY
` 146
` 154 - 156
` 174
14 - 21 sessions
Daily Chart
Earlier
breakout
point
Source: Falcon (Time: 11:00 IST)
Justification:
After witnessing a spectacular rally in the month of April, the entire ‘PSU’ banking basket underwent some decent price
correction, which we believe was quite evident. From this space, ‘PNB’ has been our preferred pick and we still maintain
our optimistic stance on the stock with a medium term view. The stock seems to be in process of completing its recent
corrective phase and is likely to resume its uptrend soon. The stock has a strong support zone of daily ’89 EMA’ which
coincides with the earlier breakout point as well as ‘Parabolic SAR’ indicator on the weekly chart. Traders are advised to
buy this stock at current levels to a decline up to `154 for a target of `174 over the next 14 - 21 sessions. The stop
loss should be fixed at `146.
Sameet Chavan
022-3935 7600 Extn: 6552
1
May 22, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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