The short-term outlook has turned bullish for PNB Housing Finance. The strong 5 per cent surge on Wednesday marks the end of the downtrend that was in place since mid-September last year. This rise has also taken the share price well above the 200-Day Moving Average (DMA).
Additionally, the 21-DMA is on the verge of crossing over the 55-DMA. All these strengthen the bullish case. Support is in the ₹880-₹860 region. The PNB Housing Finance share price can rise to ₹1,000-1,020 in the coming weeks. Traders can go long now at ₹918. Accumulate on dips at ₹890. Keep the stop-loss at ₹855 initially. Trail the stop-loss up to ₹945 as soon as the stock goes up to ₹965. Move the stop-loss further up to ₹970 when the price touches ₹990. Exit the long positions at ₹1,010.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
