Dena Bank can test Rs 88: Anu Jain

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Dena Bank can test Rs 88: Anu Jain

Dena Bank can test Rs 88, says Anu Jain, Vice President-IIFL Private Wealth Management at India Infoline.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Anu Jain See what other Experts & Brokerages are saying about Dena Bank See messages about Dena Bank Dena Bank BSE | NSE 10/02/12 Are Mutual Funds betting on Dena Bank?

Dena Bank can test Rs 88, says Anu Jain , Vice President-IIFL Private Wealth Management at India Infoline.

Jain told CNBC-TV18, "If you see all the public sector undertaking (PSU) banks were into consolidation phase last Monday when we were talking about it that they had gone into hibernation and it looked like they would take some time. But the way they moved up, I think the first one which gave us signal was Vijaya Bank then you had Allahabad Bank coming out with it, Dena Bank gave a superb move on Friday and I think the way I see the chart pattern, it looks like it is going to go further onto it and probably cross the highs and make new highs to it. So I think it is closer about Rs 81, with a stoploss of Rs 79 atleast you can look at Rs 88 odd levels for it to kind of be there. Beyond that one would need to reconsider when you reach those targets whether you need to hold, whether you need to sell, whether you need to book half and get out but as of now I think PSU banks even the PSU ETFs look very good."