PFC has given a breakout from rectangular band of Rs154-142
on Friday with impressive volumes, which has turned the short term trend to
positive. The immediate projection on the upside is seen at Rs169 based on the
concept of range breakout. The volumes have gone up during the breakout which
supports the buying argument in the counter and any pullback to re-test the
support line of its 100-DMA placed at Rs151, which should be used as a buying
opportunity. We advise buying the stock
above Rs155 with stop loss of Rs151 for Target of Rs163.
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