1) PNB was up 1.5% on Friday after falling consistently for last few days.
2) Derivatives data indicate that unwinding happened in Futures and Puts which is bullish sign for the stock as it is falling consistently after last peak formation on 4th Feb.
3) Volume was also above 1 week average which indicates that this short covering is likely to sustain in the coming days.
4) On 5 Day chart, it has broken the downtrend around 528 Rs which can be taken as support level. The same can also be seen in daily charts as well.
5) On daily chart, one may see resistance coming around 550-555 Rs levels where traders can book profits.
2) Derivatives data indicate that unwinding happened in Futures and Puts which is bullish sign for the stock as it is falling consistently after last peak formation on 4th Feb.
3) Volume was also above 1 week average which indicates that this short covering is likely to sustain in the coming days.
4) On 5 Day chart, it has broken the downtrend around 528 Rs which can be taken as support level. The same can also be seen in daily charts as well.
5) On daily chart, one may see resistance coming around 550-555 Rs levels where traders can book profits.
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