BSE Code: 532461 I had bought shares of PNB at Rs 93 assuming it to move upwards. What should I do now?
HOLD PUNJAB NATIONAL BANK FOR NOW
PNB is currently trading at Rs 85.25. Its 52-week high/low stand at Rs 231.60/Rs 72.35 made on October 26, 2017 and June 28, 2018, respectively, showing a big downfall. The stock had witnessed a bearish engulfing on January 25, 2018 at 197.60 after which it plunged sharply by 53 per cent till February 28, 2018. Since then, the stock is trading in consolidation to the downside. The stock took a kind of multiple support at Rs 73-74.50 levels and bounced back. Recently, the stock has given a downward sloping trendline breakout at Rs 85 with justifiable volumes and the 14-period RSI quoting at 66. We suggest you to Hold for now.