Punjab National Bank (PNB)
Likely target: Rs 44 and Rs 47
Upside potential: 3% and 9%
With an "Inverse Head and Shoulder" pattern, the stock has clocked a positive breakout above Rs 39-mark and is on course to log a rally towards Rs 44 and Rs 47 levels. The volumes on the breakout suggest increased interest in the counter. The Moving Average Convergence Divergence (MACD) too has conquered the zero line, reflecting an upside momentum in the upcoming sessions, as per the daily chart. CLICK HERE FOR THE CHART
PNB Housing Finance Ltd (PNBHOUSING)
Likely target: Rs 550 and Rs 580
Upside potential: 4.50% and 8.50%
A Price-volume breakout above Rs 475 level, logged on May 31, may result in a rally towards Rs 550 and Rs 580 mark. Monday's move is supported by volume-based buying, showing increased interest of market participants. The immediate support comes at Rs 480 and Rs 475 levels, as per the daily chart. CLICK HERE FOR THE CHART
Housing Development Finance Corporation Ltd (HDFC)
Outlook: Needs to cross Rs 2,600 level, till then stay side-line
Until a decisive move above Rs 2,600 level does not occur, the upside bias for this counter is expected to witness a selling pressure. That’s said, the MACD has crossed the zero line upward, suggesting a positive direction in the coming days. The immediate support comes at Rs 2,450 mark, as per the daily chart. CLICK HERE FOR THE CHART
HDFC Bank Limited (HDFCBANK)
Outlook: Optimistic sentiment, but needs to cross Rs 1,550 levels
Even though the stock has crossed 100-days moving average (DMA) with MACD, showing a positive bias upon conquering the zero line, the bullish sentiment may not build further unless there is an active breakout above Rs 1,550-mark. The immediate support comes at Rs 1,450 levels. The overall optimistic trnd has a resistance at Rs 1,550 levels, as per the daily chart. CLICK HERE FOR THE CHART
Bajaj Finance Ltd (BAJFINANCE)
Likely target: Rs 6,000 and Rs 6,100
Upside potential: 3.50% and 5%
The stock needs to firmly close above the resistance of Rs 5,800 levels to surge towards Rs 6,000 and Rs 6,100 levels, as per the daily chart. The support, meanwhile, comes at 50-DMA, placed at Rs 5,250 levels. CLICK HERE FOR THE CHART
Bajaj Finserv Ltd (BAJAJFINSV)
Likely target: Rs 12,000
Upside potential: 3%
As long as the counter is trading above the support of Rs 11,400-mark, the upside bias may take the stock towards Rs 12,000 levels. Volumes on the downside have been sluggish in the recent past, suggesting build up of positive momentum. The medium-term outlook stays highly optimistic with the stock price scaling higher highs, as per the daily chart. CLICK HERE FOR THE CHART
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