PNB Housing Finance Pulls Back After Channel Break

has been in a broad falling channel on the weekly chart since early 2024, with a descending trendline connecting the swing highs since September 2024 and a rising trendline connecting the higher lows since mid-2024. Price broke above the descending trendline in recent weeks, rallying to a high of 1,211.5 before pulling back towards the channel upper bound. This current move is best read as a throwback toward the broken trendline, now acting as potential support in the 1,090-1,080 zone, following the earlier breakout. RSI at 55.04 remains above the midline, though it has eased from recent highs, reflecting the pause in momentum during this pullback phase. Resistance: 1,205 (recent swing high). Support: 1,090-1,080 (broken trendline/throwback zone), then 1,020-1,040 (deeper support from the rising trendline). Whether the throwback holds above the broken trendline and resumes the breakout, or slips back below it and negates the move, is the key thing to track in the sessions ahead — the reaction in this zone will say more than the breakout itself. A breakout is often tested by a throwback to the broken level — how price behaves there, not the breakout candle itself, is what confirms the move. Disclaimer: This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.