Monthly Stock Pick: Buy Bank of Baroda for Target Rs. 257 by Choice Equity Broking
Bank of Baroda
Buy BANKBARODA @ 234.33 with a Target of 257 and a Stop Loss at 223
BANKBARODA is trading near a critical structural support zone on the weekly chart, with the stock finding demand around the Rs230–Rs235 region. Previous price action around this level reinforces its importance as a key demand zone. The long-term 200- week EMA, currently placed around Rs 229.45, is also positioned just below this zone, strengthening the overall support structure.
Momentum remains subdued, with the weekly RSI placed at 35.47. Although the indicator remains below the 50 midpoint, its proximity to the oversold zone, combined with price holding near the Rs 230–Rs 235 demand area and 200-week EMA, indicates scope for a recovery if buying interest sustains at these levels.
For positional traders, a long position can be initiated in BANKBARODA around Rs 234.33, with a stop-loss at Rs 223.00. The stock offers upside potential towards the Rs 257.00 target. The Rs 230–Rs 235 zone will remain the key support area, while sustained holding above this region would be crucial for the positive setup.
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