The short-term outlook is bullish for Bank of Baroda. The stock has surged over 6 per cent so far this week. This rise has taken the share price well above the key resistance level of ₹190. The region between ₹190 and ₹185 will be a strong support now, which can limit the downside. A near-term resistance is at ₹207. But the chances are high of the stock to break this resistance. Such break will open doors for Bank of Baroda’s share price to target ₹230 over the next three-four weeks.
Traders can go long now. Accumulate on dips at ₹194. Keep the stop-loss at ₹182. Trail the stop-loss up to ₹206 as soon as the stock moves up to ₹213. Move the stop-loss further up to ₹215 when Bank of Baroda share price touches ₹222. Exit the long positions at ₹228.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)