According to IIFL, traders can sell Dena Bank Future below Rs 82 with stop loss of Rs 84 for target of Rs 78, in its August 25, 2011 research report.
"On the daily chart, Dena Bank reversed from the resistance line of downward sloping channel which coincides with its 100-DMA, suggesting that the likelihood of further upside over the short-term has diminished. For now, the risk-return of establishing long positions is less than ideal. Adding to it, on line chart the stock has failed to break out the upper trend line for the fourth time in last few two weeks which is inherently considered as bearish pattern and could trigger sharp sell off in the counter in the near term. We advise going short on Dena Bank September Futures below Rs 82 with stop loss of Rs 84 for target of Rs 78," says IIFL research report.
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