#33 Stock Update: Buy DenaBank

Midcap index is consolidating and just moved out to give a breakout on upper side. I just came across this stock and just noticed a interesting trendline on the month chart. The stock has been taking support at that line since 2001 and today its is trading around the same level. We would recommend to go long for holding it for almost 2-3 years. Secondly it has a good dividend yielding record as follows,

14th June 2007    Rs. 0.80
26th June 2008    Rs. 1.00
2cd July   2009    Rs. 1.20
7th July    2010    Rs. 2.00
7th July    2011    Rs. 2.20
21st June 2012    Rs. 3.00
20th June 2013    Rs.4.70
So looking other way it has a good return on investment. For Example, if you invest at CMP at Rs.47 and if the yield remains at Rs.4.70 than to you have 10% ROI which is tax free and price appreciation would be a added advantage as its at the strong support level to go long.  

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