Shares of PB Fintech Ltd, the parent of online insurance aggregator Policybazaar, surged 6 per cent to Rs 489 on the National Stock Exchange (NSE) in Friday’s intra-day trade after 5 per cent equity of the company changing hands via block deal.
Around 22.84 million shares representing 5 per cent of total equity of PB Fintech worth of Rs 1,042.53 crore changed hands on the NSE in the pre-open deals at Rs 456.30, the exchange data shows. However, the names of the buyers and sellers were not ascertained immediately.
At 09:28 am; PB Fintech traded 3 per cent higher at Rs 476, as against 0.4 per cent decline on the Nifty 50.
According to reports, SoftBank Group had plans to sell a 5 per cent stake in PB Fintech Ltd. Japanese conglomerate SoftBank owned more than 10 per cent stake in PB Fintech through two of its units, according to exchange data.CLICK HERE FOR NEWS REPORT
Meanwhile, with today’s gain, in past one month, the stock of PB Fintech has rallied 22 per cent, as compared to 3.3 per cent rise in the Nifty 50. However, in past one year, the stock has underperformed immensely, and tanked as much as 61 per cent, as against 9.4 per cent rally in the benchmark index.
The stock had hit a record low of Rs 356.20 on November 17, 2022. It’s all-time high stands at Rs 1,470 – recorded on November 17, 2021.
Technical View
Bias: Negative
Target: Rs 430
Resistance: Rs 478
PB Fintech has rallied more than 37 per cent in just 11 trading sessions after hitting its life-time low at Rs 356.20. The stock has easily managed to surpass above its 20-DMA (Daily Moving Average) and the 50-DMA.
The stock is now seen testing resistance around the 100-DMA placed at Rs 478. Sustained break and trade above this level, can trigger a further rally towards the 200-DMA, which now stands at Rs 575.
However, given the current negative bias on the basis of price-to-moving averages action, the stock could take a breather and even witness a mild correction towards the 50-DMA, indicating a downside target of Rs 430.
Having said that, the key momentum oscillators both on the daily and the weekly chart are favourable.
(With inputs from Rex Cano)
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
