Stock Picks - Buy Bank of Baroda Ltd For Target Rs. 104 - ICICI Direct
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Technical Observations
* The stock has registered a breakout above the long term supply line joining the highs of May 2019 (| 144) and February 2021 (| 99) signalling resumption of up move and offers fresh entry opportunity
* It has also registered a breakout above the last three months consolidation range (| 89-73) signalling strength
* We expect the stock to continue with its current up move and head towards 104 levels in the coming weeks as it is the measuring implication of the last three months range breakout (| 88-73) signalling upside towards | 104 in the coming weeks
* The breakout above the long term supply line is supported by strong volume of almost three times the 200 weeks average volume of 14 crore share per week highlighting larger participation in the direction of trend
* The weekly MACD has generated a buy signal moving above its nine periods average thus validates positive bias
Buy Bank of Baroda Limited @ 92.00-95.00 TGT 104 SL 87
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