The stock of Punjab National Bank fell almost 3 per cent accompanied by above average volume on Wednesday, breaching a key support immediate support around Rs.133.
Investors with a short-term perspective can consider selling the stock at current levels. The stock has been on an intermediate-term downtrend from its December 2014 peak of Rs.231.
Both medium- and short-term trends are also down for the stock. It trades well below its 50- and 200-day moving averages. The stock’s recent decline has decisively breached its 21-day moving average.
Both the daily and weekly moving average convergence divergence indicators hover in the negative terrain implying downward momentum. The short-term outlook for the stock is bearish.
Sell the stock with a stop-loss at Rs.133.5. The short-term targets are Rs.125 and Rs.122.5.
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