PNB CMP 32.4 - PNB consolidated well between 26.5 to 28.5. Subsequently it broke out from these levels to reach a high of 42.65 on 9.12.20 subsequently it corrected and consolidated around 61.8% Fibonacci retracement level. It started its upward move since yesterday. Upward move is confirmed in hourly charts. RSI also started its upward reversal and MACD signal red bar started reducing. All these are positive indications for its upward move. Also it is in F&O ban for quite some time by creation of shorts. Since last few days short covering is happening and may come out of ban before December expiry. Similar things happened in last week of last month expiry and last week of expiry it made continuous four green candles and made a rise of around 10%. Expected similar events may happen now. Longs can be initiated with a SL of 30 for a targets of 33.95, 36.35, 37.7, 41.2. This is for educational purpose only and any investment shall be done in consultation with financial expert.
Comment:
Met its first target in the first day itself, today made a high of 34.15 and settled at 33.25.
Trade active:
It made a high of 34.95 and closed at 34.8 with very good volumes. It went up by 8% after recommending at 32.4 in just few days. Its uptrend is continuing and may easily go up to 37.7 and above.
