Bank Of Baroda – Short Term Investments
Banking sector is amongst those that has been pretty active in Friday’s session. With most of the PSU Banks producing strong trended moves, one can also see strong buying activity picking up with good pattern on the Technical charts in Bank Of Baroda as well. Prices have been going through a short term on solidation in the past few weeks.
A failure to exceed 565 levels clearly suggested that the bears were in force to absorb every demand near these levels.However the minor higher bottom formation during this consolidation with the help of a trend line was a clear indication of the active buying materializing during dips.
On Friday the prices jumped above the said hurdle and closed at its all time high. The pattern is formed at the higher end of the rally, with volumes and momentum being in sync and suggests that the stock is getting ready for a big move on higher side. The technical set up on charts is interesting and promises to drive the prices higher. Buy now and on dips to 568 for the target at 595 / 637 / 670. Stoploss below 549.
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Category: Short Term
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