PB Fintech share price extends losing streak to second session post Q1 results; should you buy, sell or hold?

livemint.com:

PB Fintech shares continued its losing streak for the second consecutive session on Wednesday's trade following the release of the company's Q1FY24 earnings on Monday, in which it trimmed its on-year losses. PB Fintech share price lost over 5% in today's session. PB Fintech stock price closed 2% lower at ₹745.15 on BSE.

The stock hit intraday low of ₹718.65 and high of ₹751.35. According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, following yesterday's weakness, the prices witnessed further profit booking in today's session, however in the second half there was some respite from the lower levels. "The overall trend is positive for the counter, however prices are now into correction mode, and in the near term there may be some sideways move.

Traders in such scenario should consider buying around dip and booking profits at higher levels. 700 is the immediate support whereas 810 is resistance," added Bhosale. On Monday, PB Fintech posted its Q1FY24 earnings where the company reported a net consolidated loss of ₹11.9 crore, which was 94% less than the net loss of ₹204 crore reported during the same quarter the previous fiscal year.

The company's total revenues increased 39% year over year, while operating revenue increased 32% to ₹666 crore in the first quarter of FY24 from ₹505 core in the same quarter of FY23. Also Read: PB Fintech Q1 Results: Net loss narrows 94% YoY to ₹11.9 crore, revenue up 39% “We are also very pleased that our core engines of value, the new insurance premium of protection (Health + Term), grew at c.40%, and this growth has been accelerating month on month through the quarter," the statement from PB Fintech said. According to the brokerage, PB Fintech posted impressive