Technicals: Dena Bank, Bank of India, India Cements, Oil India, Nucleus Software, LKP, Zandu Realty ::Business Line,

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Kindly advise on the future prospects of Dena Bank bought at Rs 78 and Bank of India at Rs 475. Please give short- and medium-term targets.

V. Karthik,

J.H. Krishnamurthy

Dena Bank (Rs 94.2): The stock found support at around Rs 48 in early January 2012 and started to move upwards. Since then, Dena Bank stock has been on a medium-term uptrend. The stock has almost doubled from its January low. After retracing 50 per cent of its prior downtrend from November 2010 peak of Rs 151 to January low at around Rs 48, the stock is now facing resistance at Rs 100. This is a long-term significant resistance level for the stock and, therefore, it would be little difficult to breach it in the first attempt. Failure to move above Rs 100 will be cue for short-term investors to take partial profits off the table.

Those with a medium-term perspective can prolong their holdings with stop-loss at Rs 70. Key support at Rs 85, Rs 80 and Rs 72 can cushion the stock on declines. Strong breakthrough of Rs 100 will give a medium-term price target of Rs 110 and Rs 122.