PNB may touch Rs 470-475: Ashish Chaturmohta

Ashish Chaturmohta Of Fortune Equity Brokers told CNBC-TV18, "PSU banks like State Bank of India (SBI) or Punjab National Bank (PNB) are witnessing some amount of selling pressure at a higher end, so I think these stocks may continue to show underperformance and since we are expecting some dip in the Nifty, we think that counters like PNB can fall with a greater speed."

"One can initiate a short position in PNB at current levels with a stoploss above Rs 510. We are expecting a target of Rs 475-470 in next one-two trading sessions," he said. At 13:49 hrs Punjab National Bank was quoting at Rs 500.30, down Rs 7.35, or 1.45 percent. It has touched an intraday high of Rs 510 and an intraday low of Rs 494.40. The share touched its 52-week high Rs 922.10 and 52-week low Rs 402.20 on 31 January, 2013 and 04 September, 2013, respectively. Currently, it is trading 45.74 percent below its 52-week high and 24.39 percent above its 52-week low. Market capitalisation stands at Rs 17,684.27 crore.