Buy Dena Bank, says Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "For the last one month Gujarat Mineral Development Corporation (GMDC) was moving in a downward slopping channel. In today's trade it has broken out on the upside. I expect the stock to build-up on today's 5 percent gains. We can see a short term target of Rs 120."

"Public sector undertaking (PSU) banks are back in action. Dena Bank broke out from a inverted head and shoulder pattern in early November and then rallied to Rs 65 and thereafter it started declining and once again found support at its previous breakout point. It stabilised and broke off of falling wedge pattern. It tells us that the stock is going to see higher levels going forward. Buy for a short term target of Rs 59," he said.