Punjab National Bank

Weekly Cup Completion + EMA Alignment = Structural PSU Momentum 📈 Timeframe: Weekly CMP: ₹127.8 Breakout Zone: ₹128–130 Measured Target: ₹165–170 (~30%) 🔹 Structure Overview (High Timeframe) We are looking at a large weekly cup formation: Left High: ~₹135–140 (2024 peak) Bottom: ~₹90–95 Right Side Recovery: Gradual higher highs with EMA support Current Level: Retesting multi-year resistance ₹128–130 This is not a random rally. This is a 3-year base resolution attempt. 🔹 Cup Measurement Logic Depth: ₹135 – ₹95 ≈ ₹40 Projected Move: ₹130 + ₹40 ≈ ₹170 Your projection (~₹166–170) is technically accurate. 🔹 EMA Structure (26 / 52 / 225) ✔ Price above 26 EMA (₹118) ✔ Price above 52 EMA (₹113) ✔ 26 > 52 → bullish alignment ✔ 225 EMA rising (₹91 area) This is a fully stacked bullish EMA structure on weekly timeframe. That is institutional alignment, not retail momentum. 🔹 Elliott Wave Perspective Wave 1: ₹40 → ₹140 (massive impulse) Wave 2: Long multi-quarter correction to ₹90 Wave 3: Currently attempting breakout If this is weekly Wave 3: Momentum should expand Pullbacks likely shallow to 26 EMA Breakout above ₹130 should accelerate PSU banks often move aggressively once multi-year highs break. 🔹 Resistance Analysis Major Supply: ₹128–135 This is not just technical resistance — This is prior trapped supply from 2024. If price sustains weekly close above ₹130: Supply absorption confirmed. 🔹 AVWAP / Value Zone Anchored from 2024 high: Value cluster sits near ₹115–120. As long as price holds above ₹115 weekly, structure remains constructive. 🔹 Risk Zones Immediate Support: ₹120 Major Support: ₹113 (52 EMA) Structural Failure: Weekly close below ₹102