Dena Bank can move to Rs 119: Hemant Thukral

Dena Bank can move to Rs 119, says Hemant Thukral, Aditya Birla Money.

Thukral told CNBC-TV18, "If we realize what has happened from 5580 back to 5700 it is again the Bank Nifty which has proven to be very crucial. Bank Nifty has not gone below 11200. More importantly it has not given a single day closing below 11300 levels. Now what I can see from here on is if Bank Nifty crosses above 11650, I think we are heading towards that 11990 mark. So I will be bullish on banks. Banks should carry this rally forward."
He further added, "More interestingly last one week we have seen lot of midcap PSU banks adding very good open interest on the long side. One of them individually would be Dena Bank, which has again seen very aggressive open interest addition. It has again closed at around Rs 111-112. I clearly see that stock moving towards Rs 119. Traders have to keep a stoploss, so Rs 106 should be maintained as a stop loss level for Dena Bank. But even stocks like Union Bank, Syndicate bank, Oriental Bank, all have seen very good aggressive addition of open interest which is a good signal that means the trading interest is coming back in small midcap PSU banks."