May 30, 2017
Bank of Baroda (NSE Cash)
BUY
` 166
` 175 - 176
` 194
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 9:50 IST)
Justification:
The stock is maintaining the formation of ‘Higher Highs Higher Lows’ and moving in a ‘Rising Channel’ from last one year.
Recently, the stock corrected from the higher end of the mentioned channel and has reached towards its support of ‘100 EMA’
on daily chart. At the same time, we are witnessing a formation of Bullish harmonic Pattern called ‘Bullish Bat’ on daily chart.
The Potentional reversal Zone (PRZ) of the same is placed at `171.60 - `172.10. Today, the stock is rebounding in the early
trades from the mentioned PRZ levels. Also, the ‘RSI’ oscillator is hovering around its strong support of 35 - 40 zone on daily
chart, indicating reversal on cards. Considering above technical evidences, we are expecting the resumption of uptrend in the
counter. Hence, we advise traders to buy this stock at current levels and on declines at `175 for a target of `194 over
the next 14- 21 sessions. The stop loss should be fixed at `166.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
1
May 30, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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