February 21, 2018 / 7:42 AM / 6 months ago

BUZZ-Shares of India's fraud-hit PNB trade near support - technicals

** Punjab National Bank (PNB) shares trade nearly flat, a week after the lender detected $1.77 bln worth of fraudulent transactions

** PNB stock, down as much as 30 pct in the past five sessions, on Tuesday formed a bullish candle with close higher than its open reut.rs/2sEN5uW

** Support is near 109 rupees, the 76.4 pct Fibonacci retracement level of the uptrend from the low of May 24, 2016 to the high of Oct 26, 2017 (please refer the chart below)

** Reversal may happen around the 76.4 pct retracement level, though the stock is still in a strong downtrend with the Trend Intensity (TI) indicator showing a reading of 26

** Momentum indicators like MACD and RSI also reflect a bearish outlook for the stock

** For a meaningful reversal, the stock has to break above the 61.8 pct retracement level at 132 rupees along with the momentum indicators turning bullish

** A break below the 76.4 pct retracement level at 109 rupees on a closing basis may lead to a fall towards 93 rupees, its 86.4 pct retracement level

Reporting by Gaurav Dogra

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