Shares of Punjab National Bank Ltd. rose to the highest in two weeks after the lender saw multiple large trades on Wednesday.
At least 28.6 lakh shares changed hands in at least two large trades, according to Bloomberg data.
At 11:41 a.m., shares of the state-run lender rose 5.19% to Rs 50.7 apiece while the benchmark Nifty gained 0.18% on the NSE. During early trade, it reached an intraday high of Rs 50.90.
The total traded quantity so far in the day was 3.8 times the 30-day average. The relative strength index is 77, suggesting that the stock might be ‘overbought’.
Of the 18 analysts tracking the company, five maintain ‘buy’, six suggest ‘hold’ and seven recommend ‘sell’, according to Bloomberg data. The 12-month consensus price target implies a downside of 20.8%.