Happy New Year for PNB Futures! Great action on first day of January series; Anil Singhvi recommends a Buy

Top Stock to Buy Today - It is the first day of the New Year and the last trading day of the week and this stock is witnessing some great action today. This counter is Punjab National Bank (PNB) futures. Zee Business Managing Editor Anil Singhvi gives his outlook on the stock and recommends a Buy on it. Know the complete trading strategy here! 

The Market Guru said that PNB Futures should be a buy for investors. This stock is trading around Rs 34. He said that the stop loss will be Rs 33. The intraday low of PNB January Futures was RS 33.30 around 10:15 am. Singhvi give two target prices – one at Rs 35.50 and the other at Rs 37. 

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He said that there is an interesting development happening in this stock and which is that this has come out of a ban after a long time. The open interest formation in this stock on Friday is indicating that this stock is ready to go again in the ban.  

While this is the start of the series, what is important to see is that the open interest is risen by over 50 per cent within minutes of market opening. This means that nobody wants to leave the PNB stock for this series. This is similar to what happened with Canara Bank which saw an upward trend despite being in the ban, the Managing Ediotor said. 

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अनिल सिंघवी को दिखा PNB Futures में बड़ा एक्शन... जानिए किन लेवेल्स पर दी खरीदारी की सलाह#AajKe2000 @AnilSinghvi_ pic.twitter.com/k3JLXfCIUR

— Zee Business (@ZeeBusiness) January 1, 2021

He said that this could turn out to be a stock of the series. He said that this is a significant development if the open interest rises by over 50 per cent within minutes of market opening on the first day of the series.  This shows the number of positions that could not be rolled over on the day of expiry because the stock was under the ban. He said that the data suggested a strong upward trend and there could be strong action in this stock, going forward. 

Singhvi said that in terms of fundamentals in this stock, the bank had significant exposure in metals and that is now sorted out. It appears now that something big is expected to happen in this stock now.