Nooresh Merani, AVP Technical of AMSEC Research told CNBC-TV18, "Technically Dena Bank is in a huge downtrend for many months but given the fact they are highly oversold one should wait for a bounce towards Rs 50-55 levels where one can exit and shift into a larger public sector undertakings (PSU) banks like State Bank of India (SBI) where one can reduce the downside in the longer run."
"In the next two-three months we will see a huge bounce in them given the fact they have fallen almost 60 percent from the peak levels. So we don't expect that they will just keep going down for a longer time," he said.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
