PNB is currently carving out a textbook Ascending Triangle on the Weekly Timeframe. This setup has been months in the making and represents a powerful battle between overhead supply and aggressive bottom-fishing.
Key Observations:
Horizontal Resistance: ₹132.80 (Recent 52-week high). Sellers have defended this level multiple times, but the "taps" on the ceiling are becoming more frequent.
Rising Support: The series of higher lows indicates that the bulls are in no mood to let the price slide.
Catalyst: With the Board Meeting for Quarterly Results scheduled for January 19, 2026, we might see the volume surge needed to pierce the resistance.
Trading Plan:
Entry: Buy on a decisive Weekly Close above ₹133.
Stop Loss: Below the most recent weekly swing low (~₹118) or the ascending trendline.
Target 1: ₹155 (Based on the height of the triangle base).
Target 2: ₹175+ (Long-term structural target).
Confirmation: I am waiting for a volume spike that is at least 2x the 20-period average volume to confirm the breakout.
Disclaimer: This is for educational purposes only. Not financial advice.
Key Observations:
Horizontal Resistance: ₹132.80 (Recent 52-week high). Sellers have defended this level multiple times, but the "taps" on the ceiling are becoming more frequent.
Rising Support: The series of higher lows indicates that the bulls are in no mood to let the price slide.
Catalyst: With the Board Meeting for Quarterly Results scheduled for January 19, 2026, we might see the volume surge needed to pierce the resistance.
Trading Plan:
Entry: Buy on a decisive Weekly Close above ₹133.
Stop Loss: Below the most recent weekly swing low (~₹118) or the ascending trendline.
Target 1: ₹155 (Based on the height of the triangle base).
Target 2: ₹175+ (Long-term structural target).
Confirmation: I am waiting for a volume spike that is at least 2x the 20-period average volume to confirm the breakout.
Disclaimer: This is for educational purposes only. Not financial advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.