(Time period: 1-3 days)
Dena Bank (BUY, above Rs100, Target Rs106): Dena Bank has staged a sharp pullback from the support of its 20-DMA this week. Last week, the stock broke out from the downward sloping trendline with higher-than-average volumes. On Thursday, the stock sustained above its downward sloping breakout trendline, suggesting strength in the counter and any move past Rs100 is likely to accentuate buying momentum in the near term. RSI too has bounced back from the support levels of 45 which favors risk reward ratio on the bullish side. We recommend high risk traders to buy the stock above Rs100 with stop loss of Rs97 for Target of Rs106.
