Big movers on D-Street: What should investors do with PNB, PB Fintech and Deepak Nitrite?

Equity indices surged more than 1% to hit their new all-time highs on Friday, with the Sensex breaching the 71,000 mark, as domestic macro data and easing concerns over the US economic growth bolstered market sentiment.

Stocks that were in focus included names like PNB, which rose 1.33%, PB Fintech, which fell 2.15%, and Deepak Nitrite, whose shares declined 1.33% on Friday.

Here’s what Santosh Meena, Head of Research at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.

PNB – Buy
The stock currently exhibits a strong bullish momentum, following an upward channel formation. The immediate trendline resistance is situated at 94, and a breach beyond this level is anticipated to trigger a continuation of the upward rally, potentially leading to further gains at 100/108 levels.

Conversely, on the downside, the previous breakout level of 83 assumes significance as a robust support level. This level coincides with the 20-day moving average (20-DMA), adding an additional layer of strength to its support.

PB Fintech – Neutral
The counter attempted to break above the crucial resistance level of 820 but lacked the momentum to stay above it. This failure could indicate a potential shift in the market sentiment. However, 760 remains an immediate and critical support level, acting as a confluence of various moving averages. If the counter can hold at 760, there’s a good chance it could bounce back and resume its upward trend.On the downside, if the counter breaks below 760, the next support zone lies between 700 and 680. This area could provide temporary reprieve before a potential further decline.

On the upside, 880 is another critical resistance level to watch. A decisive break above 880 could signal renewed bullish momentum and pave the way for a move towards 1000.

Deepak Nitrite – Buy
After over 18 months of consolidation within a symmetrical triangle, the counter has finally punched through resistance, setting the stage for potentially fresh bullish momentum. This breakout suggests a renewed surge of confidence, potentially propelling the price towards the 2670 level. However, 2400 stands as an immediate and crucial hurdle that needs to be cleared for the rally to sustain.

On the downside, the 20-day moving average (DMA) at 2200 serves as an immediate support level, offering a potential cushion against a pullback. However, should the price fall further, the 200-day moving average (DMA) at 2050 becomes a critical support zone, acting as a potential floor to prevent a significant decline.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)