Buy PNB Gilts on declines: Mitessh Thakkar

Mitessh Thakkar of mitesshthakkar.com told CNBC-TV18, "PNB Gilts per se has not done much and after being in a range of about Rs 60 to Rs 45-46, it just appears to be breaking down. My sense is if it breaks below levels of Rs 43.50-44, then there could be some more correction and the stock could drop to about Rs 38 odd zones."

"If you are holding, keep a stoploss of Rs 43.50, if you want to buy wait for that decline to come in. There are good chances that we see Rs 38.50 being tested before the stock resumes some kind of an upmove," he added.