PNB Housing Finance share price tanks 8%. Opportunity for bottom fishing?

  • PNB Housing Finance share price today opened downside and touched an intraday low of 724 apiece on NSE

Asit Manohar
Updated29 May 2024, 12:09 PM IST
PNB Housing Finance share price is a quality portfolio stock and it has delivered positive Q4 results 2024, say experts.
PNB Housing Finance share price is a quality portfolio stock and it has delivered positive Q4 results 2024, say experts.

Stock market today: PNB Housing Finance share price witnessed heavy selling in the early morning session. PNB Housing Finance share price today opened downside at 744 apiece on NSE and touched an intraday low of 724 per share, recording an intraday loss of nearly 8 percent in the morning session. However, the housing finance share witnessed some bottom fishing and recovered some lost ground during the noon session. PNB Housing Finance share price currently quotes around 739 per share on NSE.

According to stock market experts, PNB Housing Finance share price is correcting on the news buzz about the stake sale by some Foreign Institutional Investors (FIIs) through a block deal. This news has created a significant market buzz due to the potential impact on the company's share price. However, they said that PNB Housing Finance share price is a quality portfolio stock and it has delivered positive Q4 results 2024. On the technical weekly chart, the stock has bottomed out at 650 per share mark and is looking positive on chart pattern despite heavy sell-off on Wednesday.

What is dragging PNB Housing Finance share price?

On triggers that pulled down PNB Housing Finance share price today, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, "PNB Housing Finance share price is correcting on the news buzz about some foreign institutions offloading their stake in the company via the block deals. Foreign funds are expected to sell out 2.68 percent stake in the company through the block deal. This has turned the tide against bulls, and bears have taken hold of the stock. However, nothing official has come from either of the stakeholders."

Gorakshkar went on to add that even if the news comes true, it won't have much impact on the company's fundamentals. The stock would continue to remain a quality stock after the strong Q4 results in 2024. He said that the current fall should be seen as a buying opportunity, as the stock may bounce back strongly once this short-term sentiment settles.

PNB Housing Finance share price target

Advising investors to buy and hold PNB Housing Finance shares, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said, "PNB Housing Finance share price recently bottomed out at 650 apiece and the stock is looking positive on chart pattern despite today's sell-off. Those with PNB Housing Finance shares in their portfolio are advised to hold the scrip maintaining stop loss at 665."

On the suggestion to fresh investors regarding PNB Housing Finance shares, Dongre said, “Fresh investors can buy PNB Housing Finance shares at the current level and maintain buy-on-dips till the stock sustains above the 665 mark. The stock may touch 805 per share level in the short term.”

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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₹68,885 Cr

3.15L

48%

₹6.7 T

$240.5 M

$459 M

$3 B

₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

10%

20 Yrs

First Published:29 May 2024, 12:09 PM IST
HomeMarketsStock MarketsPNB Housing Finance share price tanks 8%. Opportunity for bottom fishing?

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