Buy PNB with target of Rs 147, says Religare Securities

PNB looks upbeat to witness fresh breakout from a broader consolation range in near term

Punjab National Bank

Recommendation: BUY

Last Close: Rs 152.25

Initiation range: Rs 150-154

Target: Rs 147

Stop loss: Rs 165 

The PSU banking pack is doing pretty well at present and in fact outpaced some of the private banking players recently. PNB also belongs to the same lot and looks upbeat to witness fresh breakout from a broader consolation range in near term.

Traders should accumulate the stock in the range of Rs 150-154 with a closing stop loss of Rs 147 for the target of Rs 165.

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