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Shares of PNB Housing Finance slumped to more than 1-1/2 year low, and technicals suggest more downside. The stock plunged as much as 3.28 per cent to Rs 963, lowest since March 14, 2017.
The stock broke below a support at Rs 1,010.25, the 76.4 per cent Fibonacci retracement level of the uptrend from November 16, 2016 low to August 30, 2017 high. This suggests that the stock may fall up to the 86.4 per cent retracement level at Rs 917.65.
The stock's wave pattern suggests that it is in the final wave Y of a complex corrective pattern. Trend intensity (TI) indicator rose to 31, suggests that the prices are trending downwards. MACD is negative and below its signal line.
PNB Housing stock had fallen 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.
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