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

  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.

 Verify Ultra Equity Advice #121

To verify our authenticity and credibility, do check the trading position update and recommendation timestamp. Be assured such records are permanent and irreversible.

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.

CONCLUSION - PNB SHARE PRICE FORECAST

Based on our short term trading tips, PNB share price target will be 34.8 – 33.5 in the next few days.

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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

The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).

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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