Stock Picks - Buy Bank of Baroda Ltd For Target Rs. 91 - ICICI Direct
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Technical Observations
* PSU bank index is seen resuming fresh up move after two months of breather. Bank of Baroda remains one of the preferred stock within the PSU banks.
* The share price of Bank of Baroda has recently generated a breakout above the falling supply line joining the previous highs of June 2021 (|89) and August 2021 (|85) signaling resumption of up move and offers fresh entry opportunity.
* Going ahead, we expect the stock to extend the current up move and head towards | 91 levels as it is the 123.6% external retracement of the last two months breather (| 89-73)
* The stock has already retraced 80% of its previous eight weeks decline (| 89-73) in just three weeks. A faster retracement signals a positive price structure
* The daily 14 periods RSI is in up trend and is seen rebounding taking support at its nine periods average thus supports the positive bias
Buy Bank of Baroda Ltd @ 83.00-85.00 TGT 91 SL 80
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