Hourly Charts (Medium to Short Term + Levels)
My first impression on looking at the hour charts is that this is a very weak stock at this level as I have drawn a clear downtrend line and the candles are not even trying to break this line as of now.
Keeping the judgement aside, I will now get on to the reason of using the hourly charts which is finding the right .
The support is seen at 71.60 levels which is not very far from the CMP . The first impression may be proved wrong as we can see the Bank of Baroda is bounced back after taking support at the mentioned levels.
There is a resistance at 77 and 79 levels and this should be our target if we are going long in Bank of Baroda.
(Medium to Long Term)
This correction in Bank of Baroda can be treated as an opportunity to make long positions if you are an investor. The targets in medium term should be placed around the 90 levels.