Vinay Rajani HDFC Securities
PNB Housing Finance price has broken out from descending Triangle on the weekly charts, indicating a continuation of an uptrend.
The stock price has also broken out from the bullish flag pattern on the daily charts. There is a breakout from consolidation, which held for the last four weeks.
Volumes have been rising along with the price rise for the last two sessions. The stock price has been trading above 20, 50 and 200-DMA.
Indicators like MACD and ADX have turned bullish on the daily and weekly charts. Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 1,550 and keep a stop loss placed below Rs 1,330 on a closing basis.
Disclaimer: The author is a Technical Analyst, HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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