Buy Dena Bank; target of Rs 128: ICICIdirect.com

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26 Aug, 2025 12:21

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ICICIdirect.com is bullish on Dena Bank and has recommended buy rating on the stock with a target of Rs 128 in its December 6, 2012 research report.
 
“The current up move in Dena Bank was quite different from the earlier attempts of recovery from 104 levels. This time around the stock has moved up on the back of short covering while earlier upsides attracted addition of open interest. Hence, we expect Dena Bank to surpass its previous highs and eventually test 128 levels. Since the November settlement, Dena Bank's open interest has declined more than 22% clearly indicating closure of short positions. The stock is trading near its April 2011 highs. A move above these levels would prompt further short covering in the stock towards 128-130 levels. Dena Bank remained in the range of 100-105 during the consolidated movement seen in the months from February to June. After seeing a breakout above the given range, the stock sustained above these levels despite jittery market conditions.”
 
“Dena Bank has been one of those stocks that has absorbed majority of selling pressure in the market. Since the stock has surpassed 50 DMA on September 14, it has not sustained below this level. Recently, it tested this level and moved higher. We believe the stock has already witnessed a round of profit booking. Its characteristics of absorbing selling pressure in the broader market may eventually lead to higher levels. Buy Dena Bank in cash in the range of 110.5-113.5 with a target of Rs 128,” says ICICIdirect.com research report.

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