Punjab National Bank 30th Nov 2015
Punjab national Bank Minor Trend is Up. PNB Major Trend is also up. PNB Target for this current round should be around 158-163 in this current round of bullish / up move. Punjab National Bank after a good consolidation between 123-143 has confirmed the breakout today. The consolidation lasted for almost two and a half months and generally but not as rule, the longer the consolidation the more reliable the breakout. Volumes spiking up around the breakout area is another confirmation signal and we have recommended buying the stock on dips. (All details like when to buy how much to buy etc all details has been given to our clients)
The overall chart structure of Punjab National bank looks good and we should be trading long in such structures. As per our analysis of the share price we see the share price outperforming the broader Indian Stock Markets by a good margin. Longer term we do not recommend buying delivery in PNB due to structural problems and we are recommending this only as a trading play for the final tezi cycle of this year. Post the final tezi cycle or around the end of this bullish cycle it will be best to exit and book out of trading longs and convert them to sugar stocks as we see a very powerful bullish cycle staring in sugar stocks which will take the sugar stocks / share prices significantly higher. We see them at least giving 5 X returns over the next 24 months.
Good Trading To You!