After finding bottom near the levels of Rs 68-72 zones, Power Finance Corporation (PFC) took a flip for moving towards on north side. Currently, it gave breakout above its neckline of Inverted Head and shoulder pattern and also gave decisive closing above the neckline which indicate further strength in the pattern.
From last few days, it has been trading above its 200-DMA which is found around its Rs 88 levels also implying further strength. Moreover, momentum indicator RSI is also looking firm suggest further move on upside. Buy PFC around Rs 101 with stop loss of Rs 89 for the target of Rs 120.
Disclaimer: The author is Head – Technical & Derivative Research at Narnolia Financial Advisors Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.