One can buy Dena Bank, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "Dena Bank coincidently had the same support level as Sterlite; made Rs 88 low, bounce back and again on Friday held for the short-term to that level. Therefore, the first sign of a double bottom at least support level, which is holding is available.”
He further added, “The Nifty’s rally is going to be accompanied by some sizzling in the Bank Nifty also. Dena Bank is a high beta public sector undertaking (PSU) stock. There is a possibility of some decent gain on the upside. The basic thrust is that one should be looking to buy today rather than sell although one could see choppy market."
The share touched its 52-week high Rs 128 and 52-week low Rs 87.50 on 07 January, 2013 and 04 March, 2013, respectively. Currently, it is trading 27.23% below its 52-week high and 6.46% above its 52-week low. Market capitalisation stands at Rs 3,260.80 crore.