September 20, 2016
Bank of Baroda (NSE Cash)
SELL
` 172
` 166 - 168
` 155
5 - 10 sessions
Daily Chart
Source: Falcon (Chart Time: 09:45 IST)
Justification:
In last seven months, the stock has moved higher and has shown overlapping wave structure. Prices seem to
have completed ‘wave e’ around the recent high of `177 and thus, there is higher probability of formation of
corrective wave in near term. The ‘Parabolic SAR’ indicator is in ‘Sell’ mode and the ‘RSI Smoothened’
oscillator has given negative crossover from the overbought zone. Considering the above mentioned reasons,
we are expecting a corrective move in the stock in near term. Hence traders are advised to sell the stock at
current levels and on bounce upto `168 for a target of `155 in next 5 - 10 sessions. The stop loss for
the trade set-up can be kept at `172.
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September 20, 2016
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549
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444
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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