Dena Bank looks good from short term perspective: Bothra

Dena Bank is looking good from short term perspective, says Kunal Bothra, LKP.

Bothra told CNBC-TV18, "Dena Bank is excellent on charts. In the hourly chart yet again inverse head and shoulder formation, the neckline was at Rs 86, stock today managed to break that convincingly. It is now trading close to Rs 87 now above Rs 87. So looks very good from a short term perspective. Once again anyone who is willing to go long can look at a target of Rs 92-95 range, keeping a stop loss of Rs 81 on Dena bank." He further added, "Manappuram Finance, looks on a sideways for a downward trend but what happens is in such kind of stocks bounces are extremely fast and very swift. Looks like technically it might touch that previous low which was acting as a support of Rs 30. It might face resistance there but very difficult to gauge whether the stock is starting a fresh uptrend or not. Probably wait and watch, let it come above Rs 30 and then that is where you take the next call for Manappuram."