🟦 PNB – Rounding Bottom on Monthly | Reversal in Making?
Punjab National Bank is after many months showing a rounding bottom on the monthly chart, which often signals a medium-to-long term trend reversal.
That said, this is still a pre-emptive stage, so caution is required.
📊 Technical Structure
• Monthly rounding bottom formation emerging
• Early reversal signs, not a confirmed breakout yet
• PSU banks showing strength due to improving results
• Market volatility is high → avoid aggression
• Key hurdle: 61.8% Fibonacci at ₹153.8
• Until 153.8 is crossed & sustained, no major momentum
💰 Trade / Positional Levels
• CMP: ₹132.35
• Stop Loss: ₹115
🎯 Upside Levels
• ₹143 – short-term resistance
• ₹154 – critical zone (61.8% Fib)
• ₹198 – post-confirmation momentum target
• ₹230 – rounding bottom expansion target
📌 Trading Approach
• This is a structure-in-development, not a breakout trade
• Control position sizing strictly
• Prefer small / staggered exposure
• Wait for PNB results before taking any big position
• Momentum likely only after 153.8 is crossed decisively
⚠️ Clarification:
This is an independent analysis. No part of Religare is involved in this view or recommendation.
📝 Important:
I am not responsible for any loss or profit incurred. I am not taking any fees – shared for educational purposes.
📉 Disclaimer:
Not SEBI-registered. Please do your own research or consult a financial advisor before taking any investment decision.
⚠️ Above 153.8 = momentum. Below it = patience.
Punjab National Bank is after many months showing a rounding bottom on the monthly chart, which often signals a medium-to-long term trend reversal.
That said, this is still a pre-emptive stage, so caution is required.
📊 Technical Structure
• Monthly rounding bottom formation emerging
• Early reversal signs, not a confirmed breakout yet
• PSU banks showing strength due to improving results
• Market volatility is high → avoid aggression
• Key hurdle: 61.8% Fibonacci at ₹153.8
• Until 153.8 is crossed & sustained, no major momentum
💰 Trade / Positional Levels
• CMP: ₹132.35
• Stop Loss: ₹115
🎯 Upside Levels
• ₹143 – short-term resistance
• ₹154 – critical zone (61.8% Fib)
• ₹198 – post-confirmation momentum target
• ₹230 – rounding bottom expansion target
📌 Trading Approach
• This is a structure-in-development, not a breakout trade
• Control position sizing strictly
• Prefer small / staggered exposure
• Wait for PNB results before taking any big position
• Momentum likely only after 153.8 is crossed decisively
⚠️ Clarification:
This is an independent analysis. No part of Religare is involved in this view or recommendation.
📝 Important:
I am not responsible for any loss or profit incurred. I am not taking any fees – shared for educational purposes.
📉 Disclaimer:
Not SEBI-registered. Please do your own research or consult a financial advisor before taking any investment decision.
⚠️ Above 153.8 = momentum. Below it = patience.
Trade closed: stop reached
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.