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