Goldman Sachs keeps Sell view on Punjab National Bank
Goldman Sachs retained its Sell rating on Punjab National Bank with a ₹103 12-month target. OI Charts data showed the stock at ₹116.55, while faster advances growth than deposits and short covering shaped the near-term derivatives setup.
pre-market1 source ↓machine-written, see hownot a recommendation
- PNB close
- ₹116.55
- On the day
- +0.47%
- Futures OI, short covering
- -0.1%
- Put-call ratio
- 0.85
- Max pain
- ₹115.00
Goldman Sachs retained its Sell rating on Punjab National Bank and set a 12-month target of ₹103 on 6 Oct 2026, according to the report cited by ad-hoc-news.de. OI Charts data showed the stock at ₹116.55 on 13 Oct, up 0.5% on the day and 4.1% over five sessions. The target stood about 12% below that close, making valuation and funding trends the central focus for traders. 📉
The concern is the gap between loan growth and deposit mobilisation. Provisional first-half figures showed global advances rising 14.8% year over year to ₹13.43 trillion, while global deposits grew 9.9% to ₹17.77 trillion. Global business increased 12% to ₹31.20 trillion. Faster credit expansion can support interest income, but a slower deposit base can increase reliance on higher-cost funding and put pressure on margins. The lender kept its one-year marginal cost of funds-based lending rate at 8.80% on 30 Sep 2026.
The earnings backdrop was stronger: standalone net profit reached ₹5,253.29 crore in the first quarter of fiscal 2027, compared with ₹1,675 crore in the year-earlier quarter. The rating therefore sets a valuation test against improving reported profitability, while the banking sector continues to balance credit demand with deposit growth. 💼
OI Charts data showed futures open interest at 268.12 million shares, down 0.1% on the session, indicating short covering rather than fresh long build-up. The futures premium was 0.82%, with a put-call ratio of 0.85 and max pain at ₹115 for the 27 Oct 2026 expiry. The largest call open interest was at ₹120, while the largest put open interest was at ₹114. These levels frame the near-term derivatives range, with ₹120 as the principal call-interest ceiling and ₹114 as the key put-interest level.
Traders will watch the next business update for deposit growth, credit expansion and margin signals, along with whether the stock sustains levels around max pain and the ₹114–₹120 open-interest band. OI Charts data also placed the stock within a 52-week range of ₹98.50 to ₹135.15.
Source: ad-hoc-news.de, 14 Oct 2026
Not investment advice. For informational purposes only.