Short Bank of Baroda as a Bearish Belt Hold Pattern has been formed which signals a downtrend
MACD is also showing a correction
RSI is well above 30 zones meaning that its still not Oversold and we may see a Pull-Back Soon
103 is an important Fib Resistance level and there is heavy Call Writing in OC at 100,105,110 levels so they will act as very strong Resistance.
AT 97.05 call writing is relatively higher which confirms that BANK OF BARODA won't sustain this level
There is a support at 95 levels and as the Bollinger Band is also contracting this level so some sideways movement so add a trailing target, where our first target will be at 95 levels and if that level is breached our next target will be 90.
This trade has a high probability of hitting its target.
Also, I think most of the PSU BANKS will end up in the RED region on 9 DEC include NIFTY PSU BANKS, this I will confirm by my analysis if I am not busy.
Happy Trading.....
MACD is also showing a correction
RSI is well above 30 zones meaning that its still not Oversold and we may see a Pull-Back Soon
103 is an important Fib Resistance level and there is heavy Call Writing in OC at 100,105,110 levels so they will act as very strong Resistance.
AT 97.05 call writing is relatively higher which confirms that BANK OF BARODA won't sustain this level
There is a support at 95 levels and as the Bollinger Band is also contracting this level so some sideways movement so add a trailing target, where our first target will be at 95 levels and if that level is breached our next target will be 90.
This trade has a high probability of hitting its target.
Also, I think most of the PSU BANKS will end up in the RED region on 9 DEC include NIFTY PSU BANKS, this I will confirm by my analysis if I am not busy.
Happy Trading.....
Trade closed manually:
SQUARE OFF MARICO WITH A NET PROFIT OF RS 1.45