BUY PNB | TARGET: Rs 48 | STOP LOSS: Rs 36
The Nifty PSU Bank index has been an outlier during the recent crack and that indicates strength in the sector. The stock has confirmed a breakout near the 41-mark from the pattern, which resembles bullish inverse head and shoulder pattern. Traders can buy the stock on dips near the 40-mark with a stop loss of 36 for upside target of 48 in 3 – 5 weeks.
BUY SBIN | TARGET: Rs 570 | STOP LOSS: Rs 500
As mentioned above about the Nifty PSU Bank index, SBI has the highest weightage in it. The stock too has confirmed strong breakout on the daily chart and that too above the ICHIMOKU cloud. The stock is poised to make a new high in the coming weeks. Thus, we advise traders to accumulate it in the range of 530 – 520 with a stop loss of 500 (daily closing basis) for an upside target of 570 in coming 3 – 5 weeks.
Disclaimer: Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views own.
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