NEW DELHI: Shares of PNB Housing Finance fell as much as 3.28 per cent to Rs 96, its lowest since March 14, 2017 on Thursday.
The stock broke below a support at Rs 1,010.25, the 76.4 pct Fibonacci retracement level of the uptrend from November 16, 2016 low to August 30, 2017 high.
This suggests the stock may fall up to the 86.4 per cent retracement level at Rs 917.65.
The stock’s wave pattern suggests it is in the final wave Y of a complex corrective pattern. Trend intensity (TI) indicator rose to 31, suggesting prices are trending downwards. MACD is also negative and below its signal line.
The stock fell 27.75 per cent in the past month as of Wednesday’s close, compared with the broader NSE index’s 4.35 per cent fall in the same period.
Source: Press Trust of India