On daily chart Pantaloon has formed a triple bottom as shown in chart. This bottom is in formation since november 2011 with increase in daily trading volume since that time as seen in the chart. Stock is still trading below its key moving averages which is a reason of caution in short term, but in medium to long term stock looks bullish from this level due to triple bottom formation which acts as a strong support downside. Increase in volume indicates accumulation of stock by smart traders/investors at low price.
Stock can be bought at CMP or in every decline below CMP (160) till correction upto 140 for the target of 200 in medium term.
Stop loss at 135 recommended.
