Bank of Baroda: support must hold
Company profile: Bank of Baroda owns and operates commercial banks in India. The Group’s banks provide the traditional forms of banking services, including CD’s, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services. The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.
Weekly outlook: The fierce correction is classified as a pull back after the primary breakout late 2012 . It is imperative that buyers mange to adsorb pressure and leave a new higher base in the 780-area. A little bit of overshooting is allowed (10-points or so), but a close below max 770 would negate the bullish outlook.
Buying into the correction is justifiable. A more conservative approach is to wait for conformation of support before entering.
- Primary trend: positive
- Outlook: correction in uptrend, but dips
- Support: 780 / 726.60 / 606
- Resistance: 917* / 1043*
Weekly chart Bank of Baroda:
Category: India
