I would say my best bet is Punjab National Bank (PNB). I have been tom toming PNB for quite some time and I am expecting it to test its 200-day exponential moving average at Rs 102.50 or thereabouts which is a second target.
First target is Rs 100.50 and you put a stop loss below Rs 92.50. The stop loss is based on yesterday's kind of congestion zone around those levels from where it actually bounced back taking support."
"Punjab National Bank on the charts especially on the end of the charts suggests that it has posted a double bottom. May be that double bottom would be confirmed only when it crosses its 200-day exponential moving average but it looks very good."
"State Bank of India (SBI) recovered from the day's low and did pretty level. I still feel that the stock has some tailwind left and Rs 220-223 to about Rs 227 are the three targets and I am playing with a very small stop loss of Rs 212. If it were to fall below that, I would be out, that is it," he said.
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"Punjab National Bank on the charts especially on the end of the charts suggests that it has posted a double bottom. May be that double bottom would be confirmed only when it crosses its 200-day exponential moving average but it looks very good."
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