PNB Housing Finance Share Price Witnesses Heavy Selling, Experts Suggest Buying Opportunity
In the early morning session today, PNB Housing Finance share price experienced significant selling pressure, opening downside at ₹744 apiece on NSE and dropping to an intraday low of ₹724 per share, marking an 8 percent loss. However, the stock saw some recovery during the noon session and is currently trading around ₹739 per share.
Experts attribute this correction in PNB Housing Finance share price to the news of Foreign Institutional Investors (FIIs) planning to sell their stake in the company through a block deal. Despite this development, analysts believe that the stock remains a quality portfolio option, especially after delivering positive Q4 results in 2024.
Avinash Gorakshkar, Head of Research at Profitmart Securities, explained that the foreign institutions’ stake sale news has led to a bearish sentiment in the market. However, he emphasized that this event is unlikely to impact the company’s fundamentals significantly. Gorakshkar advised investors to view the current dip as a buying opportunity, anticipating a strong bounce back once the short-term sentiment stabilizes.
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, recommended existing investors to hold PNB Housing Finance shares with a stop loss at ₹665. For new investors, he suggested buying at the current level and maintaining a buy-on-dips strategy as long as the stock remains above ₹665, with a short-term target of ₹805 per share.
It is important to note that the views and recommendations provided by analysts and experts are personal opinions and not endorsed by Mint. Investors are advised to consult certified experts before making any investment decisions.