Sell Dena Bank: Sudarshan Sukhani

One can sell Dena Bank, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Dena bank is a sell. One day does not make a change of trend. This stock has been falling relentlessly; there are mild weak rallies and strong declines. So, one has to assume the pattern is intact unless proved otherwise. Therefore, Dena Bank needs to be sold into a rally."
He further added, "We have news event coming for banks, so traders can think for themselves, should they at all trade in a banking stock, but if one want to then that’s the trade, go short."
The share touched its 52-week high Rs 128 and 52-week low Rs 87.50 on 07 January, 2013 and 04 March, 2013, respectively. Currently, it is trading 26.02% below its 52-week high and 8.23% above its 52-week low. Market capitalisation stands at Rs 3,315.05 crore.