Punjab National Bank Gains 9.22%: 7 Key Factors Driving the Week’s Momentum

16 February 2026: Positive Start with 1.52% Gain

Punjab National Bank commenced the week on a positive note, closing at Rs.120.50, up 1.52% from the previous Friday’s close of Rs.118.70. The stock outperformed the Sensex, which gained 0.70% to close at 36,787.89. Trading volume was moderate at 3.12 lakh shares, setting the stage for the week’s momentum. The broader market sentiment was cautiously optimistic, with PNB’s early gains reflecting renewed investor confidence in the public sector banking space.

17 February 2026: Intraday High and Heavy Volume Propel Gains

On 17 February, PNB surged intraday to a high of Rs.125.30, marking a 3.98% increase from the previous close. The stock closed at Rs.124.85, up 3.61%, significantly outperforming the Sensex’s modest 0.32% gain. This rally was accompanied by exceptional trading volume of 1.37 crore shares, translating to a traded value of approximately ₹185.4 crores. Despite a decline in delivery volumes by 18.46%, the surge in traded volume indicated strong speculative and short-term interest. The stock traded comfortably above all major moving averages, signalling sustained bullish momentum.

18 February 2026: Exceptional Volume Surge Amid Sustained Gains

PNB continued its upward trajectory on 18 February, closing at Rs.128.15, a 2.64% gain over the previous day. The stock recorded an intraday high of Rs.127.10 and attracted a remarkable volume of nearly 7 million shares, with delivery volumes surging 182.22% to 1.77 crore shares. This strong accumulation phase was supported by the stock trading above all key moving averages, reinforcing the bullish technical outlook. The public sector banking sector rose 0.87%, while the Sensex edged up 0.03%, underscoring PNB’s relative strength.

19 February 2026: Minor Correction Amid Broader Market Weakness

PNB experienced a slight pullback on 19 February, closing at Rs.126.25, down 1.48%. This decline coincided with a sharp Sensex drop of 1.45% to 36,523.88, reflecting broader market weakness. Trading volume was lower at 5.93 lakh shares, indicating reduced participation. Despite the correction, the stock remained above its 100-day and 200-day moving averages, maintaining a positive medium-term technical outlook. The pullback may be viewed as a consolidation phase following the prior days’ strong gains.

20 February 2026: Strong Intraday High and Volume Surge Close the Week

Closing the week on a high note, PNB surged 2.69% to Rs.129.65, touching an intraday peak of Rs.130.25, a 3.17% increase from the previous close. The stock outperformed the Sensex’s 0.41% gain and the public sector banking sector’s 1.29% rise. Volume was exceptional at 1.60 crore shares, with a traded value of approximately ₹206.04 crores. Despite a slight 0.79% decline in delivery volumes, the overall volume surge and price strength signalled sustained investor interest. The stock traded above all major moving averages, reinforcing the bullish technical stance as it neared its 52-week high of Rs.135.15.

Derivatives Market Activity: Open Interest Surges Signal Heightened Positioning

Throughout the week, PNB’s derivatives segment saw significant activity, with open interest (OI) surging 10.26% on 17 February and further increasing by 12.75% on 20 February. On 20 February, OI rose to 64,866 contracts from 57,531, accompanied by a substantial volume of 77,987 contracts traded. The futures segment alone accounted for a futures value exceeding ₹2,31,000 lakhs, while options notional value reached over ₹58,000 crores. This surge in derivatives activity indicates fresh long positions and bullish market sentiment, aligning with the stock’s strong price performance and technical positioning above all key moving averages.

Technical and Fundamental Context

PNB’s consistent trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages throughout the week underscores a sustained bullish trend. Despite a recent downgrade from ‘Buy’ to ‘Hold’ by MarketsMOJO, reflecting a Mojo Score of 68.0 as of 27 January 2026, the stock’s technical strength and volume surges highlight robust market interest. The bank’s large market capitalisation, exceeding ₹1,47,000 crores by week’s end, and its liquidity profile support active institutional participation. However, the slight decline in delivery volumes on some days suggests a mix of speculative trading and cautious accumulation by long-term investors.

Key Takeaways

Positive Signals: PNB’s 9.22% weekly gain vastly outperformed the Sensex’s 0.39%, supported by strong volume surges, technical strength above all major moving averages, and significant open interest growth in derivatives. The stock’s ability to sustain gains despite a minor correction on 19 February reflects resilience. Exceptional delivery volume spikes on 18 February indicate genuine accumulation by investors.

Cautionary Notes: The downgrade to a ‘Hold’ rating by MarketsMOJO signals a more cautious outlook amid valuation concerns and sector headwinds. Declining delivery volumes on some days suggest mixed investor sentiment, with some profit-booking or short-term trading activity. The stock remains shy of its 52-week high by approximately 3.85%, indicating potential resistance near that level.

Conclusion

Punjab National Bank’s performance during the week of 16–20 February 2026 was marked by strong price appreciation, robust trading volumes, and heightened derivatives market activity. The stock’s consistent technical strength and large-cap liquidity profile have attracted renewed investor interest, enabling it to outperform the broader market and its sector peers. While the recent rating downgrade advises caution, the accumulation signals and sustained momentum suggest that PNB remains a key player within the public sector banking space. Investors should continue to monitor volume trends, delivery data, and upcoming fundamental developments to gauge the sustainability of this positive momentum.

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