Emargin Positional Pick Buy Bank of Baroda Ltd For Target Rs. 101 - HDFC Securities
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Emargin Positional Pick Buy Bank of Baroda Ltd For Target Rs.101 - 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 76-81 levels for the last few sessions, the stock has broken out of this range on Wednesday on the back of above average volumes. On Thursday, the stock broke out of a downward sloping trend line that has held down the recent highs of the stock.
* Technical indicators are giving positive signals as the stock is trading above the 20 day and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.
* With the intermediate technical setup 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 81-83.85 CMP 83.85 TGT 101 SL 78
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