Punjab National Bank may test Rs 490-500: Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "If you see the banking index itself not only PNB but the entire PSU basket as well as the private sector banks, except for HDFC Bank and HDFC Limited, we are seeing that most of these stocks have fallen off the cliff, so PNB is still very much negative on the charts."

"From Rs 620 right up to Rs 520 the fall has been quite vicious. So there can probably be a bounce over the next couple of trading sessions post today’s numbers, you might see a crack after that, you might see a bounce. So I think from a trading perspective if you are a positional trader you wait for that bounce to sell or if you are an intraday trader you can take the chances and sell the stock in today’s trading session also once it breaks yesterdays low. On the lower side probably Rs 500-490 might be tested if the results are not in line with the market expectations," he added.