Robust Trading Volumes Signal Renewed Investor Interest
On 18 Feb 2026, Punjab National Bank recorded a total traded volume of 69,85,541 shares, translating to a traded value of ₹8808.77 lakhs. This volume represents a remarkable spike compared to its recent averages, with delivery volume on 17 Feb soaring to 1.77 crore shares — an increase of 182.22% over the five-day average delivery volume. Such heightened activity underscores a strong resurgence in investor interest, signalling potential accumulation phases by institutional and retail participants alike.
The stock opened at ₹125.10, touched a day high of ₹127.10, and closed at ₹126.96 as of the last update at 09:44 IST, marking a day gain of 1.64%. This outperformance is notable against the sector’s 0.97% gain and the Sensex’s marginal 0.03% rise, highlighting PNB’s relative strength in the current market environment.
Price Momentum and Moving Averages Confirm Uptrend
Punjab National Bank has been on a consistent upward trajectory, gaining for three consecutive days and delivering a cumulative return of 6.57% over this period. The stock is trading comfortably above its key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — which collectively reinforce a bullish technical setup. Such alignment of moving averages often attracts momentum traders and signals sustained buying interest.
Investors should note that despite the recent Mojo Grade downgrade from Buy to Hold on 27 Jan 2026, the stock’s Mojo Score remains a respectable 68.0, reflecting a balanced outlook with moderate upside potential. The downgrade appears to be a cautious recalibration rather than a negative signal, considering the stock’s ongoing price strength and liquidity profile.
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Liquidity and Market Capitalisation Support Active Trading
With a market capitalisation of ₹1,43,489 crore, Punjab National Bank firmly sits in the Large Cap category, offering ample liquidity for sizeable trades. The stock’s liquidity, measured as 2% of the five-day average traded value, supports a trade size of approximately ₹4.88 crore without significant price impact. This liquidity is a key factor attracting institutional investors and high-frequency traders, contributing to the elevated volume levels observed.
Moreover, the stock’s market cap grade of 1 indicates its prominence and stability within the public sector banking space, further bolstering investor confidence amid volatile market conditions.
Accumulation and Distribution Patterns Suggest Positive Sentiment
Technical analysis of volume and price action reveals accumulation signals for PNB. The surge in delivery volumes alongside rising prices suggests that investors are not merely trading intraday but are holding positions, indicative of confidence in the stock’s medium-term prospects. This accumulation phase is often a precursor to sustained upward moves, especially when supported by strong fundamentals and sector tailwinds.
Conversely, the absence of significant distribution patterns or sharp price declines during high-volume sessions reduces concerns of profit-booking or selling pressure at current levels.
Sectoral Context and Comparative Performance
Within the Public Sector Bank sector, Punjab National Bank’s outperformance is noteworthy. The sector gained 0.97% on the day, while PNB advanced 1.56%, outperforming by nearly 60 basis points. This relative strength is crucial for investors seeking exposure to the banking sector, as it highlights PNB’s ability to capture market share and investor attention amid competitive pressures.
Furthermore, the Sensex’s marginal 0.03% gain underscores the stock’s leadership within the broader market, reinforcing its appeal as a large-cap banking stock with strong momentum.
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Outlook and Investor Considerations
While Punjab National Bank’s recent downgrade from Buy to Hold by MarketsMOJO on 27 Jan 2026 suggests a tempered outlook, the stock’s strong volume surge, price momentum, and technical positioning provide a compelling case for continued interest. Investors should weigh the stock’s current liquidity and accumulation signals against macroeconomic factors affecting the banking sector, including interest rate movements, asset quality trends, and regulatory developments.
Given the stock’s large-cap status and robust market participation, it remains a key candidate for portfolio inclusion among investors favouring public sector banks with improving operational metrics and market sentiment.
Summary
Punjab National Bank’s exceptional trading volume and price performance on 18 Feb 2026 highlight renewed investor confidence and technical strength. The stock’s ability to outperform its sector and the broader market, combined with strong accumulation signals and ample liquidity, positions it well for potential further gains. However, investors should remain mindful of the recent Mojo Grade downgrade and monitor sectoral developments closely.
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