PNB Housing shares hit 52-week high on second day in a row. Buy or sell?
4 min read 09 Mar 2023, 01:23 PM ISTLIC Housing share price today climbed to new 52-week high of ₹654.25 apiece on BSE
PremiumStock market today: Shares of PNB Housing Finance Ltd hit 52-week high on second day in a row. Logging spurt in volume for second straight session, LIC Housing shares climbed to new 52-week high of ₹654.25 apiece on BSE, improving its previous 52-week high of ₹628.60 per share made on Wednesday session. PNB Housing share price today opened upside and went on to hit new 52-week high after few hours of trade.
According to stock market experts, stock market is expecting improvement in margins of PNB Housing Finance Ltd due to high interest rate regime. However, there is speculation about FII of big repute in talks with the company for stake buy. However, this is completely speculation and nothing concrete has come from either side of the companies. They advised positional retail investors to look at the fundamentals that exists not on what is completely speculative. However, they said that the stock is in bull trend and if it sustains above ₹600 on closing basis, it may go up to ₹750 apiece levels in short term.
Speaking on the reason for rally in PNB Housing Finance shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Due to high interest rate regime and improving sentiments in real estate sector, market is expecting improvement in margins of the company that has attracted attention of Dalal Street bulls. However, current trigger in PNB Housing share price is due to some speculations as well. Market is buzz about FII of big repute in talks with the company to buy stake. However, it is completely speculative as neither side has given any official statement in this regard. So, investors are advised to look at the existing fundamentals and that suggests improved margins due to high interest rate regime."
On what PNB Housing share chart suggests, Santosh Meena, Head of Research at Swastika Investmart said, " PNB Housing share price is experiencing strong bullish momentum and is forming an upsloping channel. If it managed to close above the key hurdle of ₹600, which is leading to fresh bullish momentum, and we can expect further upside move toward ₹750 in the near term. On the downside, the previous breakout level of ₹600 will act as a base that coincides with its 20-DMA. Momentum indicators are also supporting the current bullish bias."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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