Shardul Kulkarni, Sr. Technical Analyst, Angel Broking is of the view that Punjab National Bank may slip to Rs 1020.
Kulkarni told CNBC-TV18, “IDFC losing streak may continue for some time now because you are clearly seeing a breakdown of very important support levels of Rs 125 being breached yesterday. Today also you are seeing very strong volumes in case of this particular counter. So I think that while a pull back is something that will come into the stock in the next three to five session but I think that the weekly chart structure has become bearish. I would look at a lower side target of approximately Rs 112 to 113 in the next few sessions. So IDFC is one stock wherein I would not opt out for going long - probably look at going short if the opportunity gives a good risk-reward ratio.”
He further added, “In case of PNB amongst the banking space - we are clearly seeing that interest is less in case of this particular space at least in the mid and small cap stocks. PNB has clearly given you a breakdown. You are clearly seeing a gap down opening in today’s session. I would expect this particular trend to continue on the downside. So I think Rs 1020 - these are levels that maybe tested in case of PNB.”
Disclosure: It is possible that we have positions or we have recommended the stock to our clients.
He further added, “In case of PNB amongst the banking space - we are clearly seeing that interest is less in case of this particular space at least in the mid and small cap stocks. PNB has clearly given you a breakdown. You are clearly seeing a gap down opening in today’s session. I would expect this particular trend to continue on the downside. So I think Rs 1020 - these are levels that maybe tested in case of PNB.”
Disclosure: It is possible that we have positions or we have recommended the stock to our clients.
