India Infoline puts SELL on Bank of Baroda

India Infoline puts SELL on Bank of Baroda

The stock corrected sharply from the levels of Rs327 in the second week of October 2008 to a low of Rs214 in the last week of October 2008. Since then, it rallied smartly to a high of Rs303 in the second week of November 2008 before correcting back to Rs270 levels.

It has seen good support at the upward sloping trendline since October-end 2008. On Tuesday, the stock fell below the short-term trendline and also closed below its near and short-term averages.

The daily MACD is already in sell mode suggesting build-up of momentum on the downside. Based on above-mentioned technical evidences, we recommend traders to SELL the stock up to Rs250 levels for target of Rs225 and Rs220 levels. A stop loss of Rs255 is recommended on all short positions.

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