Dena Bank has target of Rs 89-90: Thukral

Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Hemant Thukral 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 has target of Rs 89-90, says Hemant Thukral , Asian Markets Securities.

Thukral told CNBC-TV18, "We have been very closely following something like a midcap-largecap ratio among the open interest. Last three days right from the start of this series, what we are seeing is that this ratio has dipped down to 1.36 because a lot of open interest that has been added up across sectors like auto, metals and banking has been on the largecap side. In next one week we are expecting that if Nifty goes for a slight consolidation, the midcap side of the market should pick up now. That is why we have started recommending midcaps; one of them would be Dena Bank."

He further added, "Yesterday we did see some accumulation of open interest by 9-10%, cost of carry has moved up, stock has moved above Rs 82 which was a slight resistance for it. So immediate short-term target for traders we are seeing is around Rs 89-90 levels. Stoploss has to be maintained around that Rs 79-80 mark where it has seen a lot of consolidation."

Dena Bank touched an intra day high of Rs 85.00 and an intra day low of Rs 83.65. At 12:17 hrs the share was quoting at Rs 84.55, up Rs 1.20, or 1.44% with volumes of 224,758 shares. Yesterday the share closed up 3.60% or Rs 2.90 at Rs 83.35.