A TECHNICAL VIEW ON BANK OF BARODA—7.12.2020

 

BANK OF BARODA

Open—58.90--High—59.75--Low—56.60—Close—59.05 on 4.12.2020

Support:54.80/53.95/49.90/48.20/46/44.40/43.80/41.05/39.65.

Resistance:61.50/69.60/76.10/82/86/92.80/102.60/106.80/113.60/121.10/124/128.25/132.20/137.75/146.10/152.20.

All Time High:--228.90 Made on 23.1.2015.

All Time Low:-6.30 Made on 29.6.2001.

Recent Low   :--36 Made on 20.5.2020.

 (Bold and underlined figures are most important)

It is looking strong on the daily chart and may give moderate up move in coming months provided it respects it important key point mentioned below and most importantly if market conditions remain conducive. Moving up its major key point is at 81.55 sustained close above this point will open the door for a big upside move but the up journey from here till it crosses 81.55 mark  could be slightly tough. Going up it will face stiff resistance at 63---77.60---101---109.70---132.20---155.20. Similarly moving down its major key points are at 54.15---51.10---50.60( figure will change with new upside movement in the price), it can be bought on decline but not below 54.15(this figure will also move up with fresh up move in the stock price/ stop loss will also move up), slightly aggressive traders or investor can buy up to 51.10 also but not below it in any case with a strict stop  loss of 50 in any case because sustained close below 54.15(it can change) can push it into long term correction mode and may potentially threaten the uptrend also. The present important range for it is between 81.55---70---61.50---54.15---51.10. The short term bias is positive. 

The short term technical setup is good but it will take some time for the medium and long term technical outlook to improve, so have patience and accumulate the stock on decline or above important points for reasonable gains. I once again repeat to exit long position at stop loss point mentioned above for sure if it sustain below 54.15(this figure will also move up with fresh up move in the stock price) on the closing basis. Please note that you can structure your trade or investment with the help of above mentioned support and resistance points. 

The investment time horizon is 15-18 months and the possible upside target could be 120 or may be more, will review again once the said target is achieved. 

It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.

NOTE: - It is the technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the future of the company before taking investment decision.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view. 

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

 

Note: Price stated here are of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.