PFC has support at Rs 104-109: Mathew

Technical Analyst, E Mathew is of the view that PFC has support at Rs 104-109.

Mathew told CNBC-TV18, "PFC seems to be participating in a short-term uptrend. I would like to underline the word short-term because so long as the stock remains at Rs 104 and Rs 109 regions, which are incidentally strong support zones, I think there is a chance of the stock moving higher. The stiff resistance or the tough resistance zone is really between Rs 127-130. So I think since we are bullish on the Nifty also and we see better days ahead in the month of August-September, one could look for a price target of Rs 127-130 of course once certainly must keep a stoploss, which is really at between Rs 104-109."

Disclosure: Analyst doesn't have a personal holding in the above stock but his clients may hold position.