November 18, 2015
Bank of Baroda (NSE Cash)
SELL
` 179
` 172 - 173
` 160
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time:
10:45 IST)
Justification:
In last few trading session, the stock has shown a pullback move from the support levels of `140.Prices have
retraced 50% of the corrective move from `216 to `140. At this resistance zone, the stock has formed a
‘Bearish Engulfing’ pattern in yesterday’s trading session. Formation of the bearish reversal pattern around the
resistance zone indicates that the prices can resume the corrective down move in near term. The ‘RSI’
indicator is trading near the resistance zone of 60 which has acted as resistance in recent past. Hence, we
advise traders to sell this stock from current level and on bounce up to ` 173 for a target of ` 160 in
coming 14 to 21 trading sessions. The stop loss for this trade set up can be kept at ` 179.
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November 18, 2015
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Source: Angel Research
Research Team Tel: 022 - 30940000(Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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