Comments
Investors with a short-term view can sell the stock of Bank of Baroda at current levels. The long-term trend is down for the stock. Since encountering a key resistance at ₹140 in late May this year, the stock has been in a medium-term downtrend. Short-term trend is also down.
While trending down, the stock breached a key support as well as the 200-day moving average in late June. The stock trades well below its 50- and 200-day moving averages. On Wednesday, the stock tumbled 6 per cent accompanied by above average volume breaking below key medium-term support level of ₹100. This fall has strengthened the downtrend.
The daily relative strength index features in the bearish zone and the weekly RSI has entered the bearish zone from the neutral region. Moreover, both the daily and the weekly price rate of change indicators hovering in the negative terrain imply selling interest.
The short-term outlook is bearish for the stock. It can continue to trend downwards and reach price targets of ₹93.5 and ₹91.5 in the short-term. Traders can sell with a stop-loss at ₹100.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.