📈 Punjab National Bank – Ascending Base, Breakout Watch

🔹 Price Action CMP: ₹109.5 (+1.60%) – steady weekly gains. Price forming higher lows, consolidating below key resistance. Trading above 50W EMA (~₹103.2), indicating ongoing accumulation. 🔹 Technical Observations Ascending Triangle: Price creating higher lows against resistance at ₹118.3 → breakout pattern. Major Resistance: ₹118.3; above this, next supply at ₹131.3. Support Zone: Strong demand near ₹103–100 (EMA + trendline). 🔹 Indicators Relative Strength: Showing mild recovery after consolidation. Trend: Short-term sideways, medium-term bullish bias intact. Volume: Stable, but needs breakout confirmation with higher activity. 🔹 Key Levels Immediate Resistance: ₹118.3. Major Resistance: ₹131.3. Immediate Support: ₹103. Major Support: ₹100. 🔹 Strength & Risk ✅ Ascending triangle near resistance → bullish continuation setup. ✅ EMA holding strong → buyers active near ₹100–103. ❌ Breakout not yet confirmed, still facing supply at ₹118. ❌ Failure to hold ₹103 may extend consolidation. 🔹 Outlook Short Term: Likely consolidation between ₹103–118 until breakout. Medium Term: Close above ₹118.3 opens path to ₹131–135. Risk: Breakdown below ₹100 would weaken momentum. 📌 Strategy Traders: Buy only on breakout above ₹118.3 with SL ₹112; target ₹131+. Investors: Can accumulate gradually near ₹103–108 with SL below ₹100. 📢 Disclaimer: This is educational analysis, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332).