As shown in the chart, the stock of BankBaroda is breaching the lower support line of the channel line drawn. Secondly, the stock seems to be in corrective zone having completed its corrective wave '(a)' @169.65 of its possible 'flat' type correction. Considering the same the possible irregular '(b)' may get extended beyond the start of wave '(a)'.
It looks good to sell or go short in the stock @165-166 with an ultimate target of 153 being 138% retracement of wave '(a)' with stop loss of 170.
Disclamer: All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade.
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Bank of Baroda;
Current Market Price : 160.50, first target almost reached. Wait for target 153.
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Revision in target price and stop loss of BANKBARODA. Current price : 169 New target price : 153, 140 & 119 New Stop Loss Price : 175
Any related update in this regard would be made as and when felt necessary.
Trade closed: stop reached
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Comments
bearishbull1968
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sharing the same view waiting for 165 to break for a target of 155
sgor1980
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@bearishbull1968, actually almost all the previous sell calls has witnessed stop loss trigger. the market is reluctant to move down. still my view on the market is still bearish. may be i am sounding bias towards it, but the reality is i am not seeing any bullish run from here on. may be the market is trying hard to show that it is still on the bull by way of triggering stoploss point for the short/sell position.
bearishbull1968
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yes
might be instead of price correction market is preparing for time correction
let's wait