Short Dena Bank with stoploss of Rs 63.50: Manas Jaiswal

Manas Jaiswal, Technical Analyst at manasjaiswal.com told CNBC-TV18, "Dena Bank witnessed a good move from the level of Rs 54, but yesterday it witnessed some profit booking. It has made a bearish engulfing pattern on the daily charts. So, stock can correct a little bit."

" One can go short at current levels with stop loss of Rs 63.50. Stock can test Rs 57.50 in next two to three trading sessions," Jaiswal said.

At 13:54 hrs Dena Bank was quoting at Rs 61.25, down Rs 0.75, or 1.21 percent.

The share touched its 52-week high Rs 128 and 52-week low Rs 41.85 on 07 January, 2013 and 28 August, 2013, respectively.