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⭐️ Ultra Equity Advice #124 | Sell | Expected Profit 11-17%

OUR RECOMMENDATION

  Sell    BANK OF BARODA  

CP#48.95
IdeaSELL
Sell Range51 – 48
Target44 – 41
StopLoss*53.5
Duration12 – 15 Trading Days
Potential Returns^11 – 17%
CP#IdeaSell RangeTargetStopLoss*DurationPotential Returns^
48.95SELL51 – 4844 – 4153.512 – 15 Trading Days11 – 17%

# CP – closing price on Apr 15, 2020
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 46.
^ Potential returns are calculated based on the median of sell range.

COMPANY OVERVIEW - BANK OF BARODA

Bank of Baroda provides different banking products and services to individual and corporate customers. They provide solutions like Personal Banking, which includes deposits, retail loans, credit cards, debit cards, services and lockers; Business Banking, which includes deposits, loans and advances, services and lockers; Corporate Banking, which includes wholesale banking, deposits, loans and advances and services, and international business, which includes non-resident Indian (NRI) services, foreign currency credits, ECB, offshore banking, export finance, import finance, correspondent banking, trade finance and international treasury. As of Nov 18, 2019 Bank of Baroda’s distribution network included 9500 branches and 13500 ATMs. In Q3FY20, the company had reported a net loss of 1,406.95 crores. Net profit was dipped by 398% YOY.

Stock Data
NSE CodeBANKBARODA
Sectoral IndexNifty Bank
52W High144
52W Low46.5
Face Value2
Relative Performance_Bank of Baroda vs Nifty Bank Index

BANK OF BARODA TECHNICAL ANALYSIS (WEEKLY)

Bank Of Baroda - Weekly Price Chart
Bank Of Baroda - Weekly Price Chart
  • The consolidation phase of the last few weeks has resulted into a formation of a ‘Descending Triangle’ pattern on the weekly chart.
    The descending triangle is a bearish pattern that is characterized by a descending upper trendline and a flat lower trendline that acts as support.
  • Current stock price is near the resistance and a possible downside breakout is on the way.
  • Such a downside breakout below the support proves further bearishness.

BANK OF BARODA TECHNICAL ANALYSIS (DAILY)

Bank Of Baroda - Daily Price Chart
Bank Of Baroda - Daily Price Chart
  • Bank of Baroda stock price is trading well below 10 days and 20 days Exponential Moving Averages
  • We can see the 15 days EMA of OBV is moving downwards. In such a scenario, when the moving average is sloping downward and OBV is below the moving average, the trend will be considered bearish and biased toward short selling.
    On-Balance Volume (OBV) indicator compares the positive and negative volume flows of a stock against its price over a time period.

BANK OF BARODA SHARE PRICE LIVE UPDATE - POSITION & ACTIVITIES

Position: Short Bank of Baroda at ₹ 49.5 by GoodluckCapital on TradingView

Position: Short Bank of Baroda at ₹ 49.5 by GoodluckCapital on TradingView

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MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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