PNB Housing Finance jumps 13% in three days

PNB Housing Finance rallied 8.01% to Rs 478.65, extending gains for the third trading session.

Shares of the housing finance company jumped 12.5% in three trading sessions from its recent closing low of Rs 425.45 on 9 December 2022.

On the BSE, 2.41 lakh shares were traded in the counter so far compared with average daily volumes of 26,974 shares in the past two weeks. The stock hit a high of Rs 487.7 and a low of Rs 444 so far during the day.

The stock hit a 52-week high of Rs 589.95 on 14 December 2021. The stock hit a 52-week low of Rs 312 on 12 May 2022.

The stock had outperformed the market over the past one month, rising 12.07% compared with 1.75% increase in the Sensex.

The scrip had outperformed the market in past three months, jumping 17.97% as against Sensex's 3.9% rise.

However, the counter had underperformed the market in past one year, declining 16.31% as against Sensex's 7.89% jump.

On the technical front, the stock's daily RSI (relative strength index) stood at 71.112. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 424.86, 398.23 and 380.93, respectively. These levels will act as crucial support zones in near term.

PNB Housing Finance is a deposit-accepting housing finance company, with second largest deposits outstanding within housing finance companies. As on 30 September 2022, Punjab National Bank held 32.57% in the company.

The housing finance company's consolidated net profit rose 11.7% to Rs 262.63 crore on 6.1% rise in total income to Rs 1,683.43 crore in Q2 FY23 over Q2 FY22.

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