Punjab National Bank (PNB) – Comprehensive Equity Research Report
Report Date: January 18, 2026 | CMP: ₹124.50 (+1.06%) | Market Cap: ₹1.38 Lakh Crore
Prepared by: Investogainer Research | SEBI Registered Research Analyst
PNB exhibits bullish technical momentum with daily moving averages crossover signaling positive shift above ₹103.80 pivot. Q3 results January 19 consensus reflects 9%+ business growth trajectory with asset quality improvement. Recent 30%+ YTD outperformance validates turnaround thesis amid PSU banking rotation.
Detailed Technical Analysis:
Current Structure: CMP ₹124.50 strategically above pivot ₹103.80 with R1 ₹105.05, R2 ₹107.13, R3 ₹108.38 confirming upside trajectory; S1 ₹101.72, S2 ₹100.47, S3 ₹98.39 validate robust foundation. 52-week range ₹85.50-₹128.25 positions stock near highs.
Indicator Matrix:
Daily Bullish Shift: Moving averages bullish crossover (MA5-MA200), MACD weekly mildly bearish/monthly bullish, RSI neutral, Bollinger Bands expansion signaling volatility breakout.
Momentum: KST mildly bearish weekly/monthly but daily Strong Buy (7 Buy/0 Sell) confirms short-term conviction.
Volume Confirmation: Delivery % elevated supporting institutional accumulation.
short-term conviction.
Volume Confirmation: Delivery % elevated supporting institutional accumulation.
Fundamental Analysis:
Q3FY26 Business Update: Global business ₹28.92L Cr (+9.6% YoY), domestic ₹27.65L Cr (+9.1%); deposits global ₹16.6L Cr (+8.54%), domestic +8.32%.
Asset Quality: GNPA trajectory improvement, credit cost moderation expected.
Financial Projections: NII +12% YoY, PAT ₹3,500 Cr (+20%), NIM 3.3-3.4%; ROE 15% FY26E.
Valuation: P/B 1.1x FY26E discount to peers, dividend yield ~2% enhances PSU appeal.
Micro & Macro View:
Micro View: Pivot ₹103.80 bounce above S1 ₹101.72 favors ₹128 extension pre-results; critical support ₹100.
Macro View: PSU banking turnaround leader riding credit growth cycle with merged entity synergies positioning ₹160+ FY28.
Q3 Results Preview (Earnings Call Jan 19, 4 PM IST)
Board approves Q3/9MFY26 + Earnings Call MD & CEO Ashok Chandra + 4 EDs hosted Elara Securities.
Consensus: NII +12%, PAT ₹3,500 Cr (+20% YoY), GNPA <3%, NIM stable 3.3%.
Focus Areas: Credit growth, deposit mobilization, slippages, FY26 guidance.
Reaction: Beat ₹130+, inline ₹122 consolidation.
Recent Rally Analysis:
No Sunday trading; Jan 14 +1.06% to ₹124.50 reflects pre-result positioning + global/domestic business growth commentary (9%+ YoY). YTD +30.5% (vs Nifty +9.56%) validates momentum; 5Y +240% outperformance PSU banking rotation.
Key News Events & Impact:
Q3 Results + Call Jan 19 (4 PM): NII/asset quality/guidance critical (+10% beat potential).
Business Growth Q3: Global +9.6%, domestic +9.1% validates execution.
Deposits Momentum: +8.5% YoY supports NIM stability.
PSU Banking Rotation: Sector outperformance tailwind.
Trading Window Closed: Disciplined positioning.
Disclaimer & Disclosure:
Educational analysis exclusively – no investment advice.
Investogainer Research no position PNB. Data public Jan 18, 2026.