Keep a stoploss of Rs 86 in DCB: Mohindar

Rahul Mohindar of Viratechindia is of the view that Development Credit Bank has corrected in a big way. If one is trying to enter at these levels what one should do is use an Rs 86 stoploss.

Mohindar told CNBC-TV18, "Development Credit Bank has corrected in a big way. If we look in the last 2-3 weeks there has been catastrophe for the stock, so it has come down in a big way, so that’s what would make me to put a hold on it and it’s not really a buy breakout or any kind of indicators giving me a signal that we are going to move to a new highs. Definitely if you are trying to enter at these levels what one is to do is use an Rs 86 stoploss that is where you find support, so breaking Rs 86 you should initiate a stop.

He further added, "My recommendation however would be that try and take a buy on these only if we close above Rs 97 we are very close to that level."