It has witnessed sharp decline from its record high and is currently trading around the support zone of 200 EMA on the daily chart. Existence of strong support around 1,075 combined with oversold positions is pointing towards sharp rebound in near future. We advise accumulating in the given range.
Bank of Baroda
Recommendation: Sell July Futures
Last Close: Rs 124.60
Initiation range: Rs 124-125
Target: Rs 117
Stop loss: Rs 128
Like most PSU banking counters, Bank of Baroda has been struggling for quite a some time now and there’s no sign of reversal yet. Recently, it has witnessed marginal bounce, offering fresh shorting opportunity. We advise creating in the mentioned zone.
Recommendation- Sell July Futures
Last Close: Rs 1,482
Initiation range: Rs 1,485-1,495
Target: Rs 1,400
Stop loss: Rs 1,540
The bank has been consolidating in a broader range with a bias on the negative side. It has failed to sustain above the resistance zone of multiple moving averages, around 1560, recently and is drifting lower. All indications are in the favor of further slide ahead.
Disclaimer: The analyst may have positions is one or all of the above mentioned stocks