Stock Picks : Buy Bank of Baroda Ltd For Target Rs.186 By ICICI Direct
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Technical Observations
• The PSU banking stocks witnessed a strong rebound on Monday session after last week’s corrective decline. The overall price structure remain positive in PSU banking stocks and we expect it to continue with their outperformance. Within the PSU banking stock we remain constructive on Bank of Baroda as it seen rebounding from the key support area of | 167-169 being the confluence of the 50 days EMA and the 80% retracement of the previous up move (| 161-197) thus provides fresh entry opportunity with a favourable risk reward set up
• In the smaller time frame the stock has already taken 11 sessions to retrace 80% of its previous 13 sessions up move (| 161-197). A shallow retracement and higher base around the 50 days EMA signals a positive price structure
• The stock is likely to head towards | 186 levels in the coming sessions being the 61.8% retracement of the last two weeks breather (|197-167)
• Among the oscillators the daily stochastic is seen rebounding from the oversold territory and has generated a buy signal moving above its three previous average thus validates positive bias
Buy Bank of Baroda Ltd Range: 173.00-177.00 SL: 167.00 Target:186.00
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