Business Daily from THE HINDU group of publications
Tuesday, Oct 23, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Oct 23, 2007 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
|
|
|
|
Home Page
-
Stocks Markets - Recommendation 
We recommend a sell in Dena Bank at current levels. It is evident from the weekly chart of Dena Bank that it was consolidating between Rs 20 and Rs 40 since April 2004.The stock broke out of this range in May and rallied to mark a life-time high of Rs 70 in September. The stock is in a medium-term down trend since this peak. It has penetrated the 21-day moving average and the medium term up trend-line, implying a medium-term trend reversal. The daily momentum indicators are also signalling a sell. The immediate resistance for the stock is in the zone between Rs 58-60 and the next key resistance is at Rs 70. The nearest support for the stock is at Rs 45. Short-term investors can sell the stock with stop loss at Rs 58. Our short-term outlook for the stock is bearish; we expect the stock to decline further to reach Rs 45. Yoganand D.More Stories on : Stocks | Recommendation | Public Sector Banks
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
