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The stock of PNB Housing Finance can be considered for short-term investments. The scrip, which saw a decline since mid-September, has shed the bearish bias after finding support at ₹870. The price action over the past couple of weeks indicates good buying interest. We expect the stock to breach the psychological ₹1,000 mark soon and begin a rally to retest the barrier at ₹1,180. Before that, the price might moderate to ₹950.
Therefore, one can initiate buy trades at ₹1,000 and add more shares if the price drops to ₹950. Keep the initial stop-loss at ₹880. When the stock touches ₹1,080, revise the stop-loss to ₹1,020. Move the stop-loss further up to ₹1,090 when the stock appreciates to ₹1,130. Liquidate the longs at ₹1,180.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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