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Sell Punjab National Bank Feb future; target Rs 870: IIFL
According to IIFL, traders can sell Punjab National Bank (PNB) February futures below Rs 911 with stop loss of Rs 931 for target of Rs 870, in its January 23, 2012 research report.
According to IIFL, traders can sell Punjab National Bank (PNB) February futures below Rs 911 with stop loss of Rs 931 for target of Rs 870, in its January 23, 2012 research report.
"The recent upmove in Punjab National Bank (PNB) has landed stock into extreme overbought position with stock stretching far beyond its breakout point of Rs 861. With daily stochastic indicating a negative divergence and RSI entering near 70 zone, possibility of sharp correction remains very likely. An opening below 50% of Fridays black candle would confirm a trend reversal which could take stock near Rs 860. We recommend going short on PNB Feb Futures below Rs 911 with stop loss of Rs 931 for target of Rs 870. (Duration 7 days)," says IIFL research report.
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