Dena Bank may rally from current levels, says Prakash Diwan, Asit C Mehta Investment.
Diwan told CNBC-TV18, "Dena Bank numbers definitely have been beyond expected lines and for a change favorable so and the kind of assurance that comes through from the LIC stake in Greece is also indication of the fact that the bank has consistent track record that is looking forward in the fourth quarter as well. When a small bank is able to scale up its balance sheet with such a clean set of numbers it is commendable and if it moves into that 3 plus, 3.3 plus NIM bracket the rerating is understandable. So I am really happy with the numbers and the stock would start rallying further on from here."
He further added, "In FMCG, there has been a shift into some of the more aggressive high beta counters and especially when we saw the beginning of the risk on trade early January. But I guess somewhere once the profit booking gets slightly more intense and more expansive across sectors, there will be a shift back into these FMCG counters, at least defensives and that's exactly where you will see the upside which is inherently there but not yet realized. So it's a great time to buy into some of these especially Dabur , HUL , even ITC for that matter and things could start looking up as soon as the broader markets starts struggling."
