Today, will Punjab National Bank Share Price set a high of 125.10 or a low of 110, know the important level.

Monday, September 02, 2024: Punjab National Bank (PNB) shares have been on a downward spiral, hitting a 52-week low of ₹113.81 on August 6, 2024. The stock has been trading in a narrow range, with the 52-week high at ₹138.30 on April 12, 2024. In this article, we will analyze the key factors behind the bearish trend and the stock’s performance.

Live Today: PNB Share Price and Market Performance of Punjab National Bank Share

As of September 2, 2024, PNB shares closed at ₹114.75 on the BSE, down 1.04% from the previous close. The stock opened at ₹116.05 and touched an intraday high of ₹116.34 and a low of ₹114.51. The trading volume stood at 14,645,860 shares.

Technical Analysis: Key Support and Resistance Levels of Punjab National Bank Share

According to the technical analysis, PNB shares have support at ₹103.27 (lower circuit limit) and resistance at ₹126.22 (upper circuit limit). The stock is trading below its 20-day moving average, indicating a bearish sentiment.

Fundamental Analysis: Quarterly Results and Valuation

PNB reported a net profit of ₹3,252 crore in the first quarter of the current fiscal year, up 159% year-on-year. The bank’s asset quality also improved, with gross non-performing assets (NPAs) declining to 7.8% from 11.2% in the same period last year.

However, the bank’s valuation remains attractive, with a price-to-book ratio of 0.5 and a dividend yield of 2.5%.

Today Target Prediction and Intraday Trading Levels of Punjab National Bank Share

Based on the current market conditions and technical indicators, PNB shares are expected to trade in the range of ₹114-₹116 today. The stock may face resistance at ₹116.50 and support at ₹114.

Quarterly Results Analysis and Next-Day Price Forecast

PNB’s quarterly results were better than expected, with a significant improvement in profitability and asset quality. However, the stock has not reacted positively to the results, indicating that the market is focusing on other factors.

For the next trading session, PNB shares may trade in the range of ₹113-₹117, depending on the overall market sentiment and any news or events that may impact the banking sector.

Market Outlook and Comparison with Peer Stocks

The banking sector has been under pressure due to concerns over asset quality and the impact of the COVID-19 pandemic on the economy. PNB’s performance has been in line with its peers, with most public sector banks trading near their 52-week lows.

However, the government’s focus on recapitalizing public sector banks and the improving economic outlook may provide some support to the sector in the long term.

Key Factors Behind the Bearish Trend of Punjab National Bank Share

The key factors behind the bearish trend in PNB shares include:

Concerns over asset quality: Despite the improvement in asset quality in the first quarter, investors remain cautious about the bank’s ability to maintain the momentum in the coming quarters.

Valuation concerns: PNB shares are trading at a significant discount to their book value, indicating that investors are not confident about the bank’s growth prospects.

Profit-booking: The stock has gained significantly from its 52-week low of ₹111.90 on August 16, 2024. Investors may be booking profits at higher levels, leading to a correction in the stock price.

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Bullish and Bearish Trends

The bearish trend in PNB shares is evident from the stock’s performance over the past few months. However, the bank’s improving profitability and asset quality may provide some support to the stock in the long term.

Investors should closely monitor the bank’s performance and any news or events that may impact the banking sector. It is important to note that investing in stocks involves risk, and investors should do their own research before making any investment decisions.

Today Update News and 1 Month Important Levels of Punjab National Bank Share

PNB shares have been in the news recently due to the bank’s quarterly results and the government’s focus on recapitalizing public sector banks. The stock has been trading in a narrow range, with the 52-week high at ₹138.30 on April 12, 2024.

Over the past month, PNB shares have traded in the range of ₹113-₹117. The stock has support at ₹103.27 (lower circuit limit) and resistance at ₹126.22 (upper circuit limit).

Movement Causes and 52-Week High Low of Punjab National Bank Share

The bearish trend in PNB shares can be attributed to concerns over asset quality and valuation. The stock has been trading near its 52-week low of ₹111.90 on August 16, 2024.

However, the bank’s improving profitability and asset quality may provide some support to the stock in the long term. Investors should closely monitor the bank’s performance and any news or events that may impact the banking sector

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