Monday, February 11, 2013

#26 Stock Update: "DENA hi lena"...tgt 173/195/256

Banking stock has seen some profit booking after a new high last month..Bank nifty suggest some more downside if it doesnt pick up this week. As i was talking to one of the trader he got me in focus this stock. I studied the chart of DENABANK and i think this could be a multibagger stock in banking sector. Attached above is weekly chart of the bank and we could see how it has performed after a low of 24. Quarterly result was little disappointing but ofcourse bad news slide is the best chance to buy for long term. So technically i feel 93-106 is the best range to buy the stock in current scenario. 173-195-256 are some long term targets with holding period of minimum of 6 mnths. Though long term calls dont have a stop loss but i will like to give you stop loss of 84. But am sure you should bet on the stock 

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