Dena Bank breaks out of trading range

Dena Bank is one of the weakest among the banking sector hits 52 weeks low on Friday. It was trading in the range between 86.25 to 97.50 in the last three months. Friday sell off from Banking sector makes Dena Bank to break the lower range of the barrier. Friday the stock hits 52 weeks low of 84.05. Its highly likely that the stock will go down more towards south.

In the current marketĀ situation, the stronger stocks will get stronger and weaker stocks will be even weaker. Dena Bank is already weak, it could become even worst to become weaker. All the momentum indicators, oscillators and trend indicators as show weakness.

One could go and short Dena Bank with target of 75.00 in a month or two. Currently in the derivative segment the stock hasĀ 1,51,96,000 as open interest which is 54.27% of its Market Wide Position Limit (MWPL).