PNB Housing Finance breaks out from a falling wedge!!

PNB Housing Finance breaks out from a falling wedge PNB Housing Finance Limited (NSE: PNBHOUSING) has given a falling-wedge breakout on the daily chart, with technical analysts identifying ₹1,100 as key support and ₹1,200 as the near-term upside level. Why it matters PNB Housing Finance was quoted around ₹1,131 when the setup was published. The stock has broken above a falling-wedge formation, while its 20-EMA and 50-EMA have produced a bullish crossover. Its daily RSI has also broken out of a falling channel, suggesting improving momentum. The setup is particularly interesting because the broader market is currently facing heavy selling pressure. The Nifty 50 fell 1.64% on October 8, while the Sensex dropped to its lowest level in 32 months. That makes relative strength in individual stocks worth monitoring. My view The ₹1,100 level is the key line for this setup. As long as the stock holds above this area, the breakout structure remains constructive. A sustained move above the recent trading range could bring ₹1,200 into focus. However, if ₹1,100 fails decisively, the bullish setup would weaken.