Avoid Dhanlaxmi Bank: Rajat Bose

Rajat Bose, rajatkbose.com, talks to ET Now on various stocks.

What is your call on Dhanlaxmi Bank?

The stock that is posting a 52-week low, I believe if it went down below 69.25, then it is already posting a fresh 52-week low and it should not be bought because once in late August, it tested sub-70 levels and once again this time around, it is going to such levels currently ruling at around 68 and all the moving averages, 50-day, 100-day and 200-day moving averages are sloping down and the stock does not seem to suggest that immediately there is going to be a reversal.

Only heartening situation is that barring today's trading where there is some news flow driven trading happen, the volumes are pretty low this time when it is testing this 70 or sub-70 levels but we need to see whether it manages to cross 76-77 kind of levels, only then there will be a technical buy signal, otherwise it is best avoided.