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⭐️ Ultra Equity Advice #121 | Sell | Expected Profit 12-15% | Arijit Banerjee

OUR RECOMMENDATION

  Sell    PUNJAB NATIONAL BANK  

CP#38.45
IdeaSELL
Sell Range40.5 – 38
Target34.8 – 33.5
StopLoss*42
Duration8 – 10 Trading Days
Potential Returns^12 – 15%
CP#IdeaSell RangeTargetStopLoss*DurationPotential Returns^
38.45SELL40.5 – 3834.8 – 33.5428 – 10 Trading Days12 – 15%

# CP – closing price on Mar 11, 2020
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 37.
^ Potential returns are calculated based on the median of sell range.

COMPANY OVERVIEW - Punjab National Bank

Punjab National Bank (PNB) provides banking and financial services in India. It offers personal banking products including fixed deposits, house, vehicle and educational loans, corporate banking products etc. Besides, it also provides insurance services such as life, fire, motor, health, travel, house, personal accident, theft/burglary etc. In Q3FY20, Punjab National Bank reported a net loss of Rs 492.28 crore, against Rs 246.51 crore profit in the year-ago period.

Stock Data
NSE CodePNB
Sectoral IndexNifty Bank
52W High99.9
52W Low37.9
Face Value2
Relative Performance_PNB vs Nifty Bank Index

Punjab National Bank TECHNICAL ANALYSIS (MONTHLY)

PNB Technical Analysis - Monthly Chart
PNB Technical Analysis - Monthly Chart
  • PNB Stock Price had done Major Breakout below the true crucial Monthly Resistance, at 58 and 44 consecutively.
  • 1st Major Support Breakout: The first major breakout happened during Mid February 2020, and the share price had fallen below the Channel support as well as Multiyear support shown in the attached chart.
  • 2nd Major Support Breakout: This first significant breakout increases selling momentum and PNB share price had fallen below extreme Multiyear Support in the past week.

Punjab National Bank TECHNICAL ANALYSIS (DAILY)

PNB Technical Analysis - Daily Chart
PNB Technical Analysis - Daily Chart
  • Lower Tops and Lower Bottoms at Daily Charts.
  • Punjab National Bank share price closed below all important moving average parameters, which consider bearish setup and will help to propel further downside movement.
  • Further, increasing volume along with price fall confirms the bearishness.

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MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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