Hi there. Price is forming a continuation pattern to the upside. There is a monthly trendline resistance at 341 and weekly resistance at 419.
Buy Area (305-320)
Buy Area (265-280)
Target 1: 341
Target 2: 419
Target 3: 600(long-term)
This study is based upon Volume Price Spread Analysis and Momentum
Close: 10.80
EP: 11.01 - 10.58
Sl: 9..50
TP: 11.85/12.50/Open
Disclaimer : This study does not constitutes Buy/Sell per say. Please consult your financial advisor before making any trading/investing decision
IndiaBulls Housing Finance looks bullish on daily with huge potential upside both from Technical point of view and also based on fundamentals.
Fundamentals:
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The company said in a statement that it will gradually reduce its wholesale book by 33% by March 2022.
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PNB has finally broken a strong resistance of a channel in which it has been stuck since the Corona impacted equity markets.
With the breakout happening with high volumes and a s series of higher lows, we can see that it shall possibly sustain and reach up to the level of 59 in near future. Next target after 59 we can see is 68.
For those who are not already...
As we know Budget 2021 of INDIA has been there and its main focus is on the infrastructure. So, It may be good to have a Good Stock based on this in our watchlist.
So, Let's come to the Point, Should you buy this Stock ?
Let's See the Analysis first and then we'll conclude the Buy/Sell Call -->
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Seems like the 4th wave correction is will complete at the levels 227-229 got the move above 239
Entry Levels: 227-229
Strict SL: 223.3
Take Profit : 239
Also there is a high probability of 5th wave getting extended as the wave 3 is not more than 1.618 times that of wave 1.
Daily and Weekly chart looks as strong as an ox! A trend followers dream chart. Just placed a 1200 Limit Order after an old friend, Rohin asked me to look at it.
