Buy Bank of Baroda Ltd For Target Rs. 250/265 - LKP Securities Ltd
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Future Outlook
• We pick BOB to play the PSU banking theme due to its strong growth in both Advances & Deposits on the back of a healthy liquidity position and attractive valuations.
• Lower slippages and improving asset quality with higher provision coverage gives us confidence on the banks ability to leverage it’s strong customer franchise and reach.
• Granular liability profile coupled with competitive cost of funds should in our view help the bank going forward. Loan growth guidance of 15% this fiscal and NNPA guidance of 0.75% provides comfort.
Technical Commentary
• Bank of Baroda has been moving with a higher top higher bottom formation on the weekly chart.
• Besides, it has been sustaining above the 50 EMA on the weekly timeframe. Additionally, the price is trading above the previous consolidation.
• On the higher end, the stock is likely to move towards 250/265. Support is placed at 174.
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