Dena Bank

Investors with short-term trading perspective can buy the stock of Dena Bank. The stock recently moved above the key long-term resistance at Rs 98 that was the peak formed in January 2008. If the stock sustains above this level it will be considered a long-term break-out that can take it much higher from the current levels. The stock has been holding above this level, hovering in the zone between Rs 97 and Rs 102 since July 7.



Short-term trend in Dena Bank is positive. It recorded a strong trading session on Monday that resulted in a strong white candle on the daily chart and close above the resistance at Rs 102. Moving average convergence divergence oscillator giving a fresh buy signal implies that the stock could attempt to move higher from the current levels. Short-term targets for the stock are Rs 104 or Rs 107. Traders can, therefore, buy the stock with stop at Rs 99.5.

via BL