April 18, 2017
Bank of Baroda (NSE Cash)
BUY
` 170.75
` 176 - 178
` 191
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 09.35 IST)
Justification:
In last three weeks, we have witnessed a good catch up rally from the ‘PSU’ banking space. After PNB, OBC, Union Bank
and Canara Bank, this stock has caught our eye considering the overall chart structure on near to medium term charts.
We are witnessing series of breakouts in the recent past as the stock prices seem to have followed a typical pattern.
Today, we can observe a clear price-volume breakout from the consolidation of nearly two weeks from the hurdle of 177
on hourly chart. The volume activity too picked up substantially in the recent up move. In addition, the ‘RSI-Smoothened’
has crossed the 70 mark in the northward direction, which we believe would provide the impetus for the extension of the
ongoing optimism. Thus, we advise traders to buy this stock at current levels to a decline up to `176 for a target of
`191 over the next 14 to 21 sessions. The stop loss should be fixed at `170.75.
Sameet Chavan
022-3935 7600 Extn: 6552
1
April 18, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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