Pantaloon heading to 500

In the early trades of today Pantaloon has broken the Previous resistance level of Rs. 440-445. The Stock in the intraday look strong is gaining pace rapidly. It has also broken another resistance level at Rs. 450. The share if closes today above Rs. 450 for today then it will surely race towards Rs. 500 in the coming week.



Look at the second graph which shows the resistance level at 500. It should be noted that since long term data on the share is not available proper technical analysis cannot be done. Only last six month data is available because of new listing. My recommendation to risk takers would be buy the share and keep it for next week to book a profit of Rs. 50. On the other hand people who already own the share and want to sell the share and book their profit can do so even at this level, because at this level it is very likely that the share will swing Rs. 50 plus/minus.