PNB hits 52-week high; jumps 9% in four days

Punjab National Bank (PNB) rose 1.09% to Rs 55.70, extending its gaining streak for the fourth consecutive trading session.

Shares of the state-run lender jumped 8.58% in four trading sessions from its previous closing low of Rs 51.30 on 30 November 2022.

The stock hit its 52-week high of Rs 57.40 today. The counter has soared 98.57% from its 52-week low of Rs 28.05 hit on 20 June 2022.

On the BSE, 79.38 lakh shares were traded in the counter so far compared with average daily volumes of 84.89 lakh shares in the past two weeks.

The stock had outperformed the market over the past one month, rising 33.09% compared with 2.11% increase in the Sensex.

The scrip outperformed the market in past one quarter, surging 49.73% as against Sensex's 5.54% rise.

The counter had also outperformed the market in past one year, jumping 46.58% as against 10.1% jump in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 78.046. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading above its 50, 100 and 200 days simple moving average (SMA) placed at 42.76, 38.75and 36.05 respectively. These levels will act as crucial support zones in near term.

PNB is the second largest public sector bank (PSB) and the third largest bank in the Indian banking system. It is engaged in the business of treasury, corporate/wholesale banking, retail banking, and other banking operations. The Government of India (GoI) held 73.15% stake in the bank as on 30 September 2022.

The bank's net profit declined 62.8% to Rs 411.27 crore despite of 8.2% rise in total income of Rs 23,001.26 crore in Q2 FY23 over Q2 FY22.

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