Punjab National Bank (PNB) – Technical Outlook

is currently in a consolidation/triangle formation after a strong recovery from the ₹100–105 zone. The stock is trading around ₹116.85, with price compressed between rising support and overhead resistance. Key Resistance: ₹119.45–120 A decisive daily close above ₹120 with strong volume can trigger a fresh breakout. Above ₹120, the next potential zones are ₹123–125, followed by ₹128–130. Key Support: ₹115.70–114.80 The rising trendline and short/medium-term moving averages are clustered around this area. Holding ₹115–116 keeps the bullish structure intact. A close below ₹114.80 would weaken the setup and could drag the stock toward ₹112–110. Momentum: RSI is around 56.7, still above the neutral 50 zone, indicating that bulls retain an advantage, although momentum has cooled from the August highs. MACD has turned softer, suggesting near-term consolidation rather than an immediate strong rally. View ₹120 is the trigger level. PNB is currently a breakout candidate, not yet a confirmed breakout. The contracting triangle suggests a sizeable move could come once either ₹120 or ₹115 breaks decisively. Bullish above ₹120: ₹123 → ₹125 → ₹128 Bearish below ₹114.80: ₹112 → ₹110 For now, ₹115–116 is the important support zone and ₹119.5–120 is the make-or-break resistance. A volume-backed breakout above ₹120 would significantly improve the probability of the next up-leg.