Trade Spotlight: How should you trade PNB, Swiggy, Bank of India, Adani Ports, CDSL, Canara Bank, NBCC, Bharti Airtel and others on June 3?

Punjab National Bank (PNB) is showing signs of a potential bullish reversal. A Bullish Harami candlestick pattern has formed on the weekly timeframe, indicating a possible trend shift. A strong base formation is visible near the S3 Camarilla yearly pivot, adding technical support to the setup. Additionally, the weekly RSI has decisively broken above the key 50 level—now hovering around 59—which further strengthens the bullish case. Traders may consider entering long positions in the Rs 107–109 zone, with an upside target of Rs 119.

Strategy: Buy

Target: Rs 119

Stop-Loss: Rs 102

Castrol India | CMP: Rs 216.15

Castrol India has recently broken out of a consolidation range between Rs 205–213, signaling renewed bullish momentum. Notably, this consolidation occurred between the R1 Floor Pivot and the R3 Camarilla Monthly Pivot, lending further credibility to the breakout as a technically significant move. During the entire consolidation phase, the daily RSI consistently held above the 50 mark, reflecting underlying strength, and is now comfortably above 60. Traders may consider entering long positions in the Rs 214–216 zone, with an upside target of Rs 240.

Strategy: Buy

Target: Rs 240

Stop-Loss: Rs 202

Swiggy | CMP: Rs 333.3

Swiggy’s price action is currently unfolding within a falling parallel channel, suggesting a phase of consolidation. However, Camarilla Pivot Analysis indicates a potential momentum shift. Over April and May, the stock formed a partial inside value setup, where each month’s pivot range is partially contained within the previous month’s.

April’s pivot range remained within March’s, and May followed suit by staying largely inside April’s. This kind of compression typically precedes a high-probability breakout within 1–2 weeks. Adding weight to the setup, the RSI is showing a bullish divergence, signaling a likely reversal or upward move in the near term. Traders may consider entering long positions in the Rs 300–333 zone, with a target of Rs 380.

Strategy: Buy

Target: Rs 380

Stop-Loss: Rs 300

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities

Bank of India | CMP: Rs 125.25

Bank of India has provided a breakout from a symmetrical triangle pattern on the open interest (OI) chart, indicating long buildup in the near term as both price and OI have moved up together. The price action suggests that as long as the Rs 120 level holds on a closing basis, the short-term trend is likely to remain positive. Previously, the stock experienced multiple whipsaws around the 20-day VWAP, but with this price-OI breakout confirmation, the short-term trend appears positive.

Strategy: Buy

Target: Rs 131, Rs 136

Stop-Loss: Rs 120

Indian Hotels Company | CMP: Rs 783.6

Indian Hotels had seen significant long unwinding during its rally since 2023. Meanwhile, FIIs continued increasing their stake, indicating a shift of positions from futures to the equity cash segment or a handover from DIIs to FIIs.

The overall trend remained positive. However, over the past six months, the stock has corrected, accompanied by short buildup as futures positions reduced. Now, the price appears to have reversed, and short positions are getting covered, suggesting the start of a new upward leg. Thus, the risk-to-reward ratio looks favourable on the long side in the short term.

Strategy: Buy

Target: Rs 815, Rs 830

Stop-Loss: Rs 760

Adani Ports and Special Economic Zone | CMP: Rs 1,468

Adani Ports has been consistently forming higher tops and bottoms, even as OI declines. The stock initially witnessed long unwinding, followed by short buildup toward the end, which has since seen covering. Overall OI is now quite low, creating a favourable setup for bulls to initiate long positions. The stock is trading well above its 20-day VWAP, and notable Call unwinding along with Put writing at the Rs 1,400 strike makes this the immediate crucial support level.

Strategy: Buy

Target: Rs 1,535, Rs 1,580

Stop-Loss: Rs 1,395

Vidnyan S Sawant, Head of Research at GEPL Capital

Central Depository Services | CMP: Rs 1,682.9

Central Depository Services (CDSL) is exhibiting a strong price structure on the monthly chart, forming higher bottoms that signal long-term strength. On the weekly scale, the stock found buying interest near the 61.8% Fibonacci retracement of its prior up move (Rs 466 to Rs 1,989), with the retracement low marked in March 2025. Since then, it has been trending higher, respecting its uptrend and showing consistent follow-through. The stock is trading well above its 12-week and 26-week EMAs, reinforcing the positive trend alignment and indicating continued bullish control.

Strategy: Buy

Target: Rs 1,968

Stop-Loss: Rs 1,560

Canara Bank | CMP: Rs 116.84

Canara Bank has shown a strong structural reversal, rebounding from the 38.2% Fibonacci retracement near the 2017 swing high, establishing a solid long-term support base. On the weekly chart, a breakout from a falling channel and a rally–base–rally pattern indicate the end of the corrective phase and a resumption of the uptrend. Rising volumes above the 20-week average and a MACD crossover above the zero line confirm bullish momentum and strong market participation.

Strategy: Buy

Target: Rs 131

Stop-Loss: Rs 109

NBCC (India) | CMP: Rs 124.80

NBCC has formed a classic double bottom on the monthly chart, signaling a strong bullish reversal. The recent recovery retraced a six-month decline in just three months, reflecting robust momentum. The stock rebounded from the 50% Fibonacci retracement of its 2022–2024 rally and is now forming higher highs and higher lows. Volume has risen above the 20-week average, indicating increased participation. On the daily chart, NBCC is trading above its 20, 50, and 100-day EMAs, while a rising MACD confirms sustained bullish momentum.

Strategy: Buy

Target: Rs 140

Stop-Loss: Rs 117

Bharti Airtel | CMP: Rs 1,854.1

Bharti Airtel is in a strong uptrend, consistently forming higher highs and higher lows across all timeframes. It recently broke out of a 7-month consolidation on the monthly chart and exhibited a bullish polarity shift on the weekly scale, closing above the prior week's high—signaling renewed buying interest. Momentum indicators such as MACD and RSI support the bullish trend, suggesting continued upside potential.

Strategy: Buy

Target: Rs 2,040

Stop-Loss: Rs 1,760

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