PNB can test Rs 840-845: Thukral

Punjab National Bank (PNB) can test Rs 840-845, says Hemant Thukral, National Head-Derivative Desk, Aditya Birla Money.

Thukral told CNBC-TV18, "What I have seen on Friday is that the midcap PSUs and the PSU (Public Sector Undertaking) bank lot have started attracting fresh open interest on the long side. Punjab National Bank (PNB) is one of them. It has added 10% on the long side. The cost has moved up. Importantly PNB has not performed in the same manner as other large caps like SBI or ICICI Bank or HDFC Bank."
He further added, "What we see is that PNB or the other PSU lot can play a slightly above catch-up rally. PNB people who are going long today should keep a stop loss of Rs 780-782 with immediate target that we are seeing is Rs 840-845. So there is still some room of 5-7% to make an immediate short term that we feel PNB can move from current levels."