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Item Details | Price |
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Stock name: PNB
Pattern: Near Consolidation Resistance
Time frame: Weekly
Observation:
The stock has been in consolidation since the March 2020 lows after a very long downtrend of more than 10 years. The stock is currently trading near the resistance area (50) and if the stock breaks out of the same on a weekly time frame with huge volumes, we can see a good upside momentum in this counter.
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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
News for the day:
1) Ministry of Chemicals and Fertilizers has stated that there have been some media reports claiming shortage of fertilizers in Trichy, Tamil Nadu and Rajasthan. Such reports are beyond the facts. It is clarified that there is more than adequate availability of fertilizers in the country to meet the needs of Rabi season. Government of India is sending fertilizers as per need to all states and it is the responsibility of respective state governments to ensure availability within the states through proper intra-district & Inter-district distribution.
2) Following the steel plant demerger, Kotak Institutional Equities is now bullish on PSU mining major NMDC and has upgraded its rating on the counter to a buy with a target price of Rs 130. The suggested target implies a potential upside of 19% from the current levels.
3) Softbank yesterday divested 4.5% stake in Paytm for Rs. 1,631 crores through an open market transaction.