PNB Housing gains fade after Q2, support at 1,050

PNB Housing Finance fell after an early 4.8% jump on Q2 profit of Rs 617 crore, with support at Rs 1,050 and resistance at Rs 1,225. PNB Housing Finance Limited [ PNBHOUSING ] surged about 4.8% in early trade on 29 October after its Q2 FY27 results, then reversed. By 12:35 pm it was down 2.74% at Rs 1,090.80, after falling about 8% from the day’s high of Rs 1,177.30 to a low of Rs 1,083.10. Consolidated profit rose 6% to Rs 617 crore from Rs 582 crore, and net interest income grew 15% to Rs 878 crore from Rs 765 crore. Disbursements jumped 60% to Rs 9,609 crore. Gross NPA eased to 0.91% from 1.04%. A one-off charge on prepayment of a corporate account hit the quarter. Profit beat the Rs 580 crore consensus estimate, yet price could not hold the opening gain. The morning gain faded within the first half, a bearish reversal after a gap up. The range is Rs 1,050 to Rs 1,225. Support is Rs 1,050. Resistance is Rs 1,225. A close below Rs 1,050 would break the range to the downside. A close above Rs 1,225 would open fresh highs. Volume on any bounce is the key signal here. DISCLOSURE: I do not hold any position in this stock. This is not a recommendation to buy or sell. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.