Bank of Baroda Technical Analysis
Weekly Analysis:
On the 18th of May 2020, the downtrend of BOB shifted sideways. This sideways range continued for almost 27 weeks only to breakout from the range and change to uptrend around 1st December, 2020. The uptrend was resisted at Rs. 100.60 in the mid of Feb., 2021 exactly at the levels of previous downtrend's beginning. This resistance further tested support levels at range breakouts at Rs. 60.40.
Daily Analyis:
After checking the support levels, we can see uptrend confirmations almost everyday. Expect the stock to check resistance at Rs. 85.00 to Rs. 88.00 in the coming week, 24th May, 2021 to 29th May, 2021 followed by next Take Profit at Rs. 100.00. Once the Rs. 100.00 levels are broken, the further targets on weekly at Rs. 145.00 and next at Rs. 200.00.
Stoploss should be kept at Rs. 70.00 for safe side and a minimum risk stoploss can be looked at Rs. 75.00
On the 18th of May 2020, the downtrend of BOB shifted sideways. This sideways range continued for almost 27 weeks only to breakout from the range and change to uptrend around 1st December, 2020. The uptrend was resisted at Rs. 100.60 in the mid of Feb., 2021 exactly at the levels of previous downtrend's beginning. This resistance further tested support levels at range breakouts at Rs. 60.40.
Daily Analyis:
After checking the support levels, we can see uptrend confirmations almost everyday. Expect the stock to check resistance at Rs. 85.00 to Rs. 88.00 in the coming week, 24th May, 2021 to 29th May, 2021 followed by next Take Profit at Rs. 100.00. Once the Rs. 100.00 levels are broken, the further targets on weekly at Rs. 145.00 and next at Rs. 200.00.
Stoploss should be kept at Rs. 70.00 for safe side and a minimum risk stoploss can be looked at Rs. 75.00
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