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Investors with a short-term perspective can consider selling the shares of Punjab National Bank. The stock fell 1.9 per cent on Tuesday. The stock has been in a strong downtrend from its high of ₹146.2 recorded on November 30. This downtrend paused in mid-December and the stock consolidated between ₹120 and ₹125 for about two weeks. But the stock broke out of this range and fell below ₹120 towards the end of December.
The stock has also declined below ₹115, an important support, signalling the resumption of the downtrend. Also, the strong close below ₹115 for two consecutive trading days strengthens the bearishness. Immediate resistance is at ₹113.
The next key resistances are poised at ₹115 and ₹117. There is support near the current levels at ₹110. But this support is likely to be breached in the coming sessions. Traders with a short-term perspective can go short. Stop-loss can be kept at ₹114 for the target of ₹106.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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