Buy Dena Bank; target of Rs 88: India Infoline

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India Infoline has recommended buy rating on Dena Bank   with a target of Rs 88, in its November 25, 2009 report.

In our view, Dena Bank has completed its downfall and has created a medium term bottom around the levels of Rs78. From the current level, the stock can only move towards one direction, i.e. upwards. The daily RSI has also given a positive divergence, indicating that price would start moving up after facing stiff resistance around the levels of Rs81-83. The bullish formation is confirmed after the stock gave a close above its short-term moving averages. We recommend buy on the stock from the above mentioned technical observations. Maintain a stop loss of Rs80 and go long for a target of Rs88 in the coming trading sessions,"says India Infoline research report.

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