Technical Positional Pick - Buy Bank of Baroda Ltd For Target Rs. 100 - HDFC Securities
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Technical Positional Pick - Buy Arvind Fashions Ltd For Target Rs. 100 - HDFC Securities
TECHNICAL OBSERVATIONS
* Bank of Baroda is in an intermediate uptrend as it has been making higher tops and higher bottoms for the last several months.
* After consolidating in a range between the 77-82 levels for the last few sessions, the stock has broken out of this range on Tuesday on the back of above average volumes. This augurs well for the uptrend to continue.
* Technical indicators are giving positive signals as the stock is trading above the 20 and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back and are in rising mode now. This augurs well for the uptrend to continue.
* With the intermediate and long term technical setups too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.
Buy Bank of Baroda Ltd Up to 1-3 Months @ Buying Range 80-83.05 CMP 83.05 TGT 100 SL 78
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