Indian stock alert
Afternoon Alert: Dena Bank hits 52-week low second time in six months 18 October 2017 12:58 IST
NEWS BITES - BRIC
Dena Bank (NSE:DENABANK) hit a 52-week low of Rs27.95 earlier today for the second time in the past six months, but later rebounded higher to Rs28.30. Trading volume was 3.9 times average so far today.
Current indications of bearish signals that support the trend in the unusual trading:
+ The negative 0.42 MACD (Moving Average Convergence Divergence) indicator suggests a bearish signal.
+ The stock has underperformed 90% of the Indian market over the past 6 months.
+ In the last three months the stock has hit a new 52-week low once.
The 1.2% premium to 12-month low of Rs27.95 against the 43.5% discount to high of Rs50.10 suggests the decline might be bottoming.
Fundamental measures by comparison with the sector average [in brackets] indicate:
Price to Book of 0.4 [1.8]
Dena Bank (NSE:DENABANK; BSE:DENABANK; NS:DENABANK; IN:DENABANK)