This Idea is my Bank of Baroda Positional Trade in diwali. Posting this because I got one query for my Recent BHEL Idea, where I've used similar Technique.
As you can see 57 level marked with blue line is the level from where stock gave breakout twice, 2007 & 2009. it was a strong Resistance back then.
In 2007 it moved from 54 to 92 In 2009 it moved from 54 to 211
Another important level was at 38.
When market crashes in march 2020 it was moving in a band pf 38 to 57. Double bottom was also formed in that band.
Another thing i observed was that stock was moving away form 200 EMA So mean reversion was also pending. 200 EMA was around 103 which was more than double. There was also a volume spike. Overall these made me conclude that stock was bottoming out. Based on buy call was at 46 during Diwali for a target of 92 baeed on support and resistance levels. Check zoomed pick below
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Please note this is rewinded chart back to November 🙏🏾
beautiful analysis , what may be the possible price action and target with the present chart of Bank of baroda please could you analyze long term short term targets ? new to trading just learning it so your feedback will be of great help
varadtambolkar
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@kamathsanusha, Thanks 😊👍🏾 need to check recent movement.
UnknownUnicorn6376517
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K thank you will wait for your reply .. pls post the analysis and targets.. il wait for it.. will see it and understand how to analyse and next time apply same logic on charts , based on your analysis ..
varadtambolkar
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@kamathsanusha, not getting time to prepare detialed and somewhat automated. But surely make n share.
Alhad
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Waa.... Educative one... similar is PNB, MAHABANK.... 😀
varadtambolkar
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@Alhad, every PSU bank bounced from multi-year support 😃😃
Really appreciate the knowledge you share brother. Tons of thanks to you. 🔥❤️....
I got to know one good news that BoB has alloted Rs 500 cr to Serum institute of India after RBI liquidity tap for healthcare firms. It seems that the target is no far.
Jus one ques... for short term is your target still 92 or it will change as per the recent trends?
varadtambolkar
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@chinmaypatnaik, no, after 46 bank of baroda gave target of 92. It touched 99 something. So trade was from 46 to 99.