POSITIONAL LONG IN BANKBARODA
-EARLY I HAVE MENTIONED IN MY OTHER POST THAT PSU ARE IN DEMAND
-STOCK IS BREAKING OUT OF ROUNDING BOTTOM AND INVERTED HEAD AND SHOULDER PATTERN
-FIRST IT WILL FIND RESISTANCE AT 200-DMA
-IF BREAKS WE ADD MORE
-IF FAILS WE BUY ON PULLACK TO 102-14 LEVELS FOR BIGGER TARGET
Applied Fibonacci levels to July lows and August highs.
Stocks seems to have corrected 50% of its rally and taking support at 289 290 levels which is 0.5 Fibonacci level.
It also seems to be following a falling trendline.
SBI can be a sell below 288 with a stoploss of 293. Target is 280.