Buy Dena Bank 85 Put: VK Sharma

Buy Dena Bank 85 Put, says VK Sharma, Head Private Broking & Wealth Management, HDFC Securities.

Sharma told CNBC-TV18, "Dena Bank is a sell strategy. I am suggesting buying the 85 put. We had seen positions being added in the short side. The stock also went down. So although the stock fell 5% yesterday, people might believe that this is end of the fall but there could be more in store in terms of moving south. So buying the 85 put would help here."
He further added, "Another bank that profits need to be protected especially those who hold Axis Bank, I think buying the 950 put at Rs 28 with a stop loss of Rs 15 might do the job. It would be possible for them to make some thing like Rs 30 in the next few days."