PNB Gilts has reached the targets and its a good time to take some profits, says Mitesh Thacker, Technical Analyst, miteshthacker.com.
Thacker told CNBC-TV18, "In the last two days, PNB Gilts has moved from Rs 32-Rs40, that is the first price target which were looking at around Rs 40, there is a falling gap. So if you go back to 2008 the stock price fell with a gap and Rs 40-42 has been a kind of falling gap area which now should act as a very strong supply area. The stock has reached the targets and its good time to take some profits."
PNB Gilts has touched a 52-week high of Rs 40.10. The stock touched an intraday high of Rs 40.10 and an intraday low of Rs 35. At 14:03 hrs the share was quoting at Rs 38.50, up Rs 3.70, or 10.63%. It was trading with volumes of 2,218,329 shares. Yesterday the share closed up 20.00% or Rs 5.80 at Rs 34.80.
