Sell Bank of Baroda
1) Bank of Baroda has made a downwards trend line starting from Nov 10 when it made a high of 1050. Similar tops have been made at 980 and then 870.
2) There was a strong support zone in 845-860 range where it traded for 3-4 months before it breaks it down and now acting as a resistance zone.
3) First Support comes at 770 where the current rise started around 10 days back. The second support comes at 730 where the stock has taken support three times.
4) 5 Day exponential moving average is above 34 Day average which is a bullish signal. It indicates that stock might try to enter into resistance zone.
5) RSI is neutral which again indicates bullish for short term.
Overall, the stock is likely to face resistance at around 5% from the current levels from where we anticipate favorable risk-to-reward ratio. Hence, we recommend "Sell" at those levels.
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