Avoid Dhanlaxmi Bank: CK Narayan
Since the waters are pretty murky around here, there will be cross allegations and denials and what not, everything going on. It is best to leave it alone.
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| Updated: CK Narayan, Growth Avenues Asset Advisors, talks to ET Now on various stocks.
What is your call on Dhanlaxmi Bank?
At Rs 56, it has actually dropped down into support but then the kind of allegations and the kind of news flow that we are seeing on the stock would not really make too much difference to support levels. In so far as support levels on the charts are concerned, at 56 yes, that is where it is and that is where it is faulting but the stock is trading at almost near its lows over the last 2 years and the momentum on the downside is quite substantial.
Since the waters are pretty murky around here, there will be cross allegations and denials and what not, everything going on. It is best to leave it alone. If you are a shareholder in this, look for a small rally because you are at a support zone and sure, the management will come out with some sort of denial and this will go up a little.
60-65 should be the max that you can expect for the moment in this. So any rally in this should be used by existing shareholders to abandon this stock right now and maybe return to it only when the waters around it clear up a little later.
What is your call on Dhanlaxmi Bank?
At Rs 56, it has actually dropped down into support but then the kind of allegations and the kind of news flow that we are seeing on the stock would not really make too much difference to support levels. In so far as support levels on the charts are concerned, at 56 yes, that is where it is and that is where it is faulting but the stock is trading at almost near its lows over the last 2 years and the momentum on the downside is quite substantial.
Since the waters are pretty murky around here, there will be cross allegations and denials and what not, everything going on. It is best to leave it alone. If you are a shareholder in this, look for a small rally because you are at a support zone and sure, the management will come out with some sort of denial and this will go up a little.
60-65 should be the max that you can expect for the moment in this. So any rally in this should be used by existing shareholders to abandon this stock right now and maybe return to it only when the waters around it clear up a little later.
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