10. Punjab National Bank

🔹 Time Frame: Weekly

🔹 Current Market Price (CMP): ₹98.64

🔹 Trend/Market Structure:

➤ The stock is in a short-term bearish trend, confirmed by rejection at higher levels and trading below key EMAs.

➤ The price remains above the EMA 200, preserving the long-term bullish structure, but the current consolidation indicates indecision.

➤ A range-bound structure has developed between ₹90 and ₹110.

🔹 Technical Pattern Recognition:

➤ The stock is forming a rectangle pattern, indicating consolidation within the range of ₹90 - ₹110.

➤ A breakout or breakdown from this range will determine the next directional move.

🔹 Key Zones:

➤ Support Zones:

Support Zone 1: ₹90 - ₹93 (Immediate demand zone within the consolidation range)

Support Zone 2: ₹80 - ₹83 (Historical demand zone and proximity to EMA 200)

➤ Resistance Zones:

Resistance Zone 1: ₹105 - ₹110 (Upper boundary of the rectangle pattern and near EMA 25 and 50)

Resistance Zone 2: ₹138 - ₹140 (Major swing high and long-term supply zone)

🔹 RSI Analysis:

➤ Current RSI Level: 41.68

➤ RSI is near oversold territory, indicating a potential bounce if the stock holds key support levels.

➤ Historically, the RSI for PNB has reversed near 40, making this a critical level.

🔹 EMA Analysis:

➤ EMA 25: ₹106.81 (Above CMP, acting as immediate resistance).

➤ EMA 50: ₹105.58 (Above CMP, reinforcing mid-term bearish sentiment).

➤ EMA 200: ₹79.55 (Far below CMP, providing strong long-term support).

➤ EMA alignment (25 < 50 > 200) indicates short-term bearish momentum within a long-term bullish trend.

🔹 Verdict:

🔹 Trend: Short-term bearish, long-term bullish.

➤ A retest of ₹90 - ₹93 support is critical to sustain the bullish framework. Failure to hold could lead to further downside toward ₹80 - ₹83.

➤ Recovery above ₹105 - ₹110 is needed to confirm bullish continuation and escape the consolidation range.