Dena Bank has support at Rs 70: Amit Gupta

Amit Gupta, Head- Derivatives at ICICI Direct told CNBC-TV18, "In the banking index, the heavyweights are very reluctant to perform. Look at the private banking or the public sector undertaking (PSU) banking starting from State Bank of India (SBI). We have seen that whatever pullbacks have come in the market, SBI is not showing any kind of strength at all."

"If we look at the private banking heavyweights whether it is HDFC Bank or Axis Bank, we are seeing that somewhere they are 2-3 percent away from the resistance levels. So even if the upside comes, they are going to be little bit capped in the near-term. So, Bank Nifty is more rangebound," he added.
He further said, "You have the second highest Put base around 11,500 and that was written in the beginning of the series around Rs 200 premium and that is why again and again whenever it is coming down to 11,300, it is seeing a sort of bounce happening towards the higher levels. So if it surpasses 11,500 in today's trade, holds there, it may move towards the resistance level of 11,800. So 11,300 to 11,800 is the range for Bank Nifty. If you have to play anything in the banking index, look at the private bank in midcaps. They are looking little bit positive."
"Yes Bank and IndusInd Bank were outperformers before and there maybe some kind of pullback if market is holding around these levels. In fact, in the last two sessions in the midcap PSUs some short covering was seen. For example, look at Dena Bank. We saw good move in Tuesday's trade, Rs 70 is a good support area for Dena Bank. If it is holding around that, we can see another 3-4 percent of upmove in this stock."