On 29-10-2024, PNB (Punjab National Bank) stock experienced a notable decline, closing down by -1.12% from its previous trading close. The stock opened the trading session at ₹102.05 and reached its highest point at ₹102.55 before finally settling at ₹97.55. Within the day, it touched a low of ₹97.40, indicating a bearish trend in market sentiment.
| Table of Contents |
|---|
| Price Movement |
| Support and Resistance Levels |
| Trading Volume |
| Fundamental Analysis |
| Shareholding Pattern |
| Market Performance |
| Conclusion |
| FAQ |
Price Movement
As of 13:00 on 29-10-2024, PNB stocks were trading at ₹97.55, reflecting a decrease of -1.12% from the previous close. Notably, the stock has been trading below both short-term moving averages of 5, 10, and 20 days, as well as long-term moving averages of 50, 100, and 300 days, indicating a consistent downtrend in price action.
Support and Resistance Levels
The technical analysis of PNB shares reveals several key resistance and support levels. Resistance levels are identified at ₹101.77, ₹104.85, and ₹107.74. On the other hand, support levels are positioned at ₹95.80, ₹92.91, and ₹89.83. These price points will be critical in determining the potential future movement of the stock.
Trading Volume
During this trading session, the volume of PNB shares traded on the NSE and BSE was noticeably higher than in the previous session. Such an increase in trading volume often indicates a potential trend, which investors will need to monitor closely.
Fundamental Analysis
From a fundamental perspective, PNB has a Return on Equity (ROE) of 8.54% and Return on Assets (ROA) of 0.54%. The Price-to-Earnings (P/E) ratio stands at 7.52 while the Price-to-Book (P/B) ratio is 0.90. Notably, the median one-year forecasted upside for PNB shares is projected at 10.71%, with a target price set at ₹108.00. These metrics suggest that despite the current bearish trend, there is potential for recovery, contingent upon broader market conditions.
Shareholding Pattern
The shareholding pattern for PNB illustrates some interesting dynamics. Notably, promoter holding stands at 0.00% while mutual fund (MF) holdings are at 8.54%. Foreign Institutional Investor (FII) holdings have improved slightly, increasing to 8.42% as of the September quarter from 8.32%. These figures might indicate a cautious optimism from institutional investors despite the current downtrend.
Market Performance
On the same day, benchmark indices also reflected a bearish sentiment, with the Nifty declining by -0.15% while the Sensex remained unchanged. The broader market conditions may be contributing to the downward pressure on PNB’s share price.
Conclusion
Overall, PNB’s share price has seen a decline on 29-10-2024, with a substantial bearish trend confirmed by both technical and fundamental indicators. The movement below various moving averages, combined with resistance and support lines, and elevated trading volume, suggest that investors should proceed with caution. The fundamental outlook offers some hope with an estimated target price, but current trends require vigilance from traders and stakeholders.
FAQ
What caused the decline in PNB’s share price?
The decline is attributed to bearish market sentiment and technical indicators showing the stock trading below key moving averages.
What are the key support and resistance levels for PNB?
Resistance levels are at ₹101.77, ₹104.85, and ₹107.74, while support levels are at ₹95.80, ₹92.91, and ₹89.83.
Is there potential for recovery in PNB’s stock?
Yes, the median one-year forecast suggests there could be an upside of 10.71%, with a target price of ₹108.00.
