PNB’s Breakout Sparks Optimism: SEBI RA Dhruv Tuli Eyes Further Upside As Long As It Holds This Key Level

Punjab National Bank has shown a bullish breakout from an inverse head and shoulders pattern on the daily chart, according to SEBI-registered analyst Dhruv Tuli.  

The breakout above the neckline at ₹113, supported by strong volumes, confirms the pattern and suggests renewed upward momentum, Tuli said.

At the time of writing, PNB stock was little changed at ₹113.16.

The stock is also trading firmly above its 200-day exponential moving average (EMA) at ₹107 and 21-day EMA at ₹102, reinforcing the strength of the breakout.

This technical setup indicates buying momentum, and as long as the price sustains above ₹113 on a closing basis, the stock remains well-positioned for further gains in the near term, Tuli said.

Retail sentiment on Stocktwits turned ‘bullish’ from ‘bearish’ a day earlier.

Year-to-date, PNB shares have gained over 10%.

PNB’s breakout is in line with the broader trend of the Nifty PSU Bank Index, which has been supported by favorable macroeconomic tailwinds. PSU banks, typically known as late movers in the market cycle, have shown renewed strength, with the index rallying 3.8% over the past week.

On the macroeconomic front, recent rate cuts and liquidity infusions by the Reserve Bank of India have made credit more affordable. In response, PSU banks have swiftly reduced lending rates, thereby enhancing their competitiveness in key segments such as housing, SMEs, and infrastructure.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on