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Buy Punjab National Bank; target Rs 875: Nirmal Bang
Nirmal Bang is bullish on Punjab National Bank (PNB) and has recommended buy rating on the stock with a target price of Rs 875, in its January 10, 2012 research report.
Nirmal Bang is bullish on Punjab National Bank (PNB) and has recommended buy rating on the stock with a target price of Rs 875, in its January 10, 2012 research report.
"Punjab National Bank (PNB), the steep decline from the August'11 highs of Rs 1,200 levels halted with a formation of a Bullish Inverted Head & Shoulder Pattern. The counter has given a bullish breakout from the Head & Shoulder pattern with a big white candle which is a bullish signal. The RSI has observed a positive divergence pattern and has recently breached its December'11 highs; it is currently on the verge of breaking the descending trend line drawn from the July'11 highs which would further confirm a trend reversal. The prices are likely to face resistance in the medium term around the falling resistance line and 50 sma which stands at Rs 870 & Rs 890 levels respectively. A successful break above these levels the prices are likely to test the 38.2% retracement levels which is also the pattern target."
"BUY PNB at CMP Rs 838; Stop Loss: Rs 828; Targets: Rs 862; Rs 875 (Short Term 2-3 days) & Rs 890; Rs 920 (Medium Term Holding Period 2 weeks.)," says Nirmal Bang research report.
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